Legend Biotech Co. (NASDAQ:LEGN) Stock Holdings Lifted by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 15.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 163,130 shares of the company’s stock after purchasing an additional 22,376 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Legend Biotech were worth $9,816,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of LEGN. BluePath Capital Management LLC acquired a new stake in shares of Legend Biotech during the 3rd quarter worth approximately $32,000. PNC Financial Services Group Inc. increased its position in Legend Biotech by 53.9% in the third quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock worth $91,000 after buying an additional 472 shares during the period. China Universal Asset Management Co. Ltd. increased its position in Legend Biotech by 141.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,048 shares of the company’s stock worth $138,000 after buying an additional 1,199 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Legend Biotech in the third quarter valued at $323,000. Finally, Handelsinvest Investeringsforvaltning acquired a new position in shares of Legend Biotech during the fourth quarter valued at $404,000. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Up 1.9 %

LEGN stock opened at $47.06 on Tuesday. The firm has a market cap of $8.56 billion, a PE ratio of -31.80 and a beta of 0.01. Legend Biotech Co. has a 12 month low of $45.52 and a 12 month high of $77.32. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. The firm has a 50 day simple moving average of $59.04 and a 200 day simple moving average of $60.65.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.30. The business had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. Legend Biotech’s quarterly revenue was up 177.2% on a year-over-year basis. Equities research analysts forecast that Legend Biotech Co. will post -1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on LEGN shares. Raymond James started coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research report on Thursday, March 7th. Cantor Fitzgerald initiated coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 target price on the stock. Barclays boosted their price target on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Finally, UBS Group lifted their price objective on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.26.

Legend Biotech 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).