Pictet Asset Management Holding SA Buys 2,223 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Pictet Asset Management Holding SA increased its stake in Legend Biotech Co. (NASDAQ:LEGN) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,669 shares of the company’s stock after purchasing an additional 2,223 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Legend Biotech were worth $2,918,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in LEGN. Signaturefd LLC boosted its stake in shares of Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares during the last quarter. OFI Invest Asset Management purchased a new position in Legend Biotech in the fourth quarter worth about $77,000. Quantbot Technologies LP bought a new stake in shares of Legend Biotech during the 3rd quarter valued at about $148,000. Blue Trust Inc. grew its stake in shares of Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock valued at $190,000 after purchasing an additional 5,478 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech during the 3rd quarter valued at about $229,000. Institutional investors own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Morgan Stanley reduced their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Piper Sandler reiterated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Legend Biotech Price Performance

LEGN stock opened at $32.01 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The company’s fifty day moving average price is $36.12 and its 200-day moving average price is $39.05. Legend Biotech Co. has a one year low of $30.17 and a one year high of $60.87. The company has a market capitalization of $5.88 billion, a PE ratio of -33.69 and a beta of 0.21.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.39) by $0.46. The business had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business’s quarterly revenue was up 134.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.40) EPS. On average, equities analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).