Suvretta Capital Management LLC Invests $113.77 Million in Legend Biotech Co. (NASDAQ:LEGN)

Suvretta Capital Management LLC purchased a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,496,234 shares of the company’s stock, valued at approximately $113,767,000. Legend Biotech accounts for about 3.9% of Suvretta Capital Management LLC’s holdings, making the stock its 4th largest position. Suvretta Capital Management LLC owned about 1.91% of Legend Biotech at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in LEGN. Signaturefd LLC increased its stake in shares of Legend Biotech by 1,052.7% during 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. Shell Asset Management Co. grew its stake in shares of Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after acquiring an additional 800 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Legend Biotech during the fourth quarter worth about $77,000. Quadrant Capital Group LLC boosted its position in Legend Biotech by 4,296.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock valued at $124,000 after buying an additional 3,738 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Legend Biotech by 355.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company’s stock valued at $146,000 after buying an additional 3,496 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on LEGN shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 target price on shares of Legend Biotech in a research report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. HC Wainwright reissued a “buy” rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Wednesday, April 16th. Finally, Truist Financial reduced their price objective on Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $74.73.

Legend Biotech Stock Up 0.3%

Shares of NASDAQ:LEGN opened at $27.78 on Friday. 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 business has a fifty day moving average of $33.47 and a two-hundred day moving average of $35.85. The stock has a market cap of $5.10 billion, a P/E ratio of -29.24 and a beta of 0.20. Legend Biotech Co. has a 52-week low of $27.34 and a 52-week high of $60.87.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.33. The company had revenue of $195.05 million during the quarter, compared to analysts’ expectations of $190.83 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. On average, research analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current year.

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).