Taikang Asset Management Hong Kong Co Ltd Purchases 52,145 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Taikang Asset Management Hong Kong Co Ltd increased its position in Legend Biotech Co. (NASDAQ:LEGN) by 107.9% during the fourth quarter, Holdings Channel reports. The firm owned 100,475 shares of the company’s stock after buying an additional 52,145 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in Legend Biotech were worth $3,269,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Signaturefd LLC raised its stake in Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after buying an additional 1,579 shares during the period. OFI Invest Asset Management bought a new position in Legend Biotech during the 4th quarter worth $77,000. Quantbot Technologies LP acquired a new stake in Legend Biotech during the third quarter worth about $148,000. Public Employees Retirement System of Ohio acquired a new position in Legend Biotech during the third quarter valued at approximately $229,000. Finally, Blue Trust Inc. boosted its stake in Legend Biotech by 1,513.3% in the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock valued at $190,000 after buying an additional 5,478 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $36.33 on Tuesday. The stock has a market capitalization of $6.67 billion, a PE ratio of -38.24 and a beta of 0.19. The business’s 50 day simple moving average is $36.18 and its 200 day simple moving average is $39.93. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. Legend Biotech Co. has a one year low of $30.17 and a one year high of $60.87.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. During the same period in the prior year, the firm posted ($0.40) EPS. The company’s quarterly revenue was up 134.6% on a year-over-year basis. As a group, research analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright raised their price objective on Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, March 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Morgan Stanley dropped their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

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).