Massachusetts Financial Services Co. MA Acquires 314,449 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Massachusetts Financial Services Co. MA grew its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 16.0% in the third quarter, HoldingsChannel.com reports. The firm owned 2,275,158 shares of the company’s stock after purchasing an additional 314,449 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Legend Biotech were worth $110,868,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of LEGN. RA Capital Management L.P. grew its stake in shares of Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after acquiring an additional 596,390 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Legend Biotech during the second quarter worth about $13,487,000. Magnetar Financial LLC bought a new stake in Legend Biotech in the 2nd quarter worth about $11,146,000. Ally Bridge Group NY LLC purchased a new stake in Legend Biotech in the 2nd quarter valued at about $8,637,000. Finally, Janus Henderson Group PLC lifted its position in shares of Legend Biotech by 8.0% during the 1st quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock worth $112,982,000 after buying an additional 148,855 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LEGN has been the subject of several recent analyst reports. Redburn Atlantic initiated coverage on Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Tuesday, October 29th. Finally, Scotiabank boosted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Buy” and an average price target of $81.46.

Legend Biotech Price Performance

LEGN opened at $40.94 on Friday. The company has a market capitalization of $7.46 billion, a price-to-earnings ratio of -43.09 and a beta of 0.11. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $44.92 and a 200-day moving average price of $48.06. Legend Biotech Co. has a twelve month low of $36.92 and a twelve month high of $70.13.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year. Equities analysts expect that Legend Biotech Co. will post -1.23 EPS for the current year.

About Legend Biotech

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).