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, according to its most recent Form 13F filing with the SEC. The fund owned 100,475 shares of the company’s stock after buying an additional 52,145 shares during the period. Taikang Asset Management Hong Kong Co Ltd owned 0.06% of Legend Biotech worth $3,269,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bridgewater Associates LP boosted its stake in shares of Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock worth $8,088,000 after acquiring an additional 516 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Legend Biotech by 12.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock worth $238,000 after purchasing an additional 835 shares during the last quarter. Advisors Asset Management Inc. boosted its position in Legend Biotech by 14.0% during the third quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after purchasing an additional 837 shares during the period. Aigen Investment Management LP grew its holdings in Legend Biotech by 19.6% during the fourth quarter. Aigen Investment Management LP now owns 7,363 shares of the company’s stock valued at $240,000 after purchasing an additional 1,206 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Legend Biotech by 5.9% in the fourth quarter. Rhumbline Advisers now owns 27,638 shares of the company’s stock valued at $899,000 after purchasing an additional 1,544 shares during the period. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

NASDAQ LEGN opened at $36.33 on Tuesday. Legend Biotech Co. has a 12-month low of $30.17 and a 12-month high of $60.87. The firm’s 50 day moving average is $36.18 and its 200-day moving average is $39.93. The company has a market capitalization of $6.67 billion, a PE ratio of -38.24 and a beta of 0.19. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on LEGN. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley reduced their price objective 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. Piper Sandler reissued an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and a consensus 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).