Point72 Asset Management L.P. acquired a new position in Legend Biotech Co. (NASDAQ:LEGN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,639,200 shares of the company’s stock, valued at approximately $47,570,000. Point72 Asset Management L.P. owned about 1.23% of Legend Biotech at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in Legend Biotech in the fourth quarter worth $173,000. Weiss Multi Strategy Advisers LLC purchased a new position in Legend Biotech in the first quarter worth $278,000. Sectoral Asset Management Inc purchased a new position in shares of Legend Biotech during the 1st quarter valued at $299,000. Credit Suisse AG purchased a new position in shares of Legend Biotech during the 4th quarter valued at $371,000. Finally, Atom Investors LP purchased a new position in shares of Legend Biotech during the 1st quarter valued at $445,000. 19.83% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently commented on the company. Zacks Investment Research cut Legend Biotech from a “buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Legend Biotech in a research note on Tuesday, June 29th. Morgan Stanley decreased their price objective on Legend Biotech from $55.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, April 19th. Finally, BTIG Research assumed coverage on Legend Biotech in a research note on Monday, May 17th. They set a “buy” rating and a $55.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $49.50.
Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, May 17th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.05. The firm had revenue of $13.68 million for the quarter, compared to analyst estimates of $12.50 million. Legend Biotech had a negative return on equity of 85.12% and a negative net margin of 437.14%. On average, equities analysts predict that Legend Biotech Co. will post -0.91 earnings per share for the current fiscal year.
Legend Biotech Profile
Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development of novel cell therapies for oncology and other indications in North America and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM), as well as a comparison of the treatment with standard triplet therapy in relapsed and refractory multiple myeloma.
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