Los Angeles Capital Management LLC Buys Shares of 172,440 Legend Biotech Co. (NASDAQ:LEGN)

Los Angeles Capital Management LLC purchased a new position in shares of Legend Biotech Co. (NASDAQ:LEGN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 172,440 shares of the company’s stock, valued at approximately $5,611,000. Los Angeles Capital Management LLC owned about 0.09% of Legend Biotech as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. abrdn plc increased its holdings in Legend Biotech by 110.4% during the 3rd quarter. abrdn plc now owns 33,729 shares of the company’s stock valued at $1,628,000 after acquiring an additional 17,696 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in shares of Legend Biotech by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,711 shares of the company’s stock worth $766,000 after purchasing an additional 6,114 shares in the last quarter. Empire Life Investments Inc. raised its position in shares of Legend Biotech by 75.2% during the 3rd quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock worth $4,809,000 after purchasing an additional 42,368 shares during the last quarter. National Pension Service lifted its stake in Legend Biotech by 4.3% in the 3rd quarter. National Pension Service now owns 23,535 shares of the company’s stock valued at $1,147,000 after buying an additional 961 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Legend Biotech by 9.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock valued at $8,636,000 after buying an additional 14,672 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

LEGN has been the subject of a number of analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research note on Tuesday, January 21st. Finally, Piper Sandler reissued an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Buy” and an average price target of $79.50.

Legend Biotech Price Performance

LEGN opened at $36.54 on Thursday. Legend Biotech Co. has a 1 year low of $30.17 and a 1 year high of $70.11. The company’s 50 day simple moving average is $35.16 and its 200 day simple moving average is $42.62. The stock has a market capitalization of $6.67 billion, a PE ratio of -38.46 and a beta of 0.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

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).