Bridgewater Associates LP Has $5.26 Million Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Bridgewater Associates LP lessened its stake in Legend Biotech Co. (NASDAQ:LEGN) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 161,723 shares of the company’s stock after selling 4,252 shares during the quarter. Bridgewater Associates LP owned approximately 0.09% of Legend Biotech worth $5,262,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in LEGN. State Street Corp lifted its stake in Legend Biotech by 0.4% in the third quarter. State Street Corp now owns 1,140,222 shares of the company’s stock valued at $55,563,000 after acquiring an additional 4,735 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Legend Biotech in the 3rd quarter valued at about $229,000. Geode Capital Management LLC grew its holdings in Legend Biotech by 3.6% during the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the period. Franklin Resources Inc. acquired a new position in Legend Biotech during the third quarter worth approximately $12,837,000. Finally, Exome Asset Management LLC bought a new stake in Legend Biotech in the third quarter valued at approximately $2,290,000. 70.89% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Morgan Stanley decreased their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Finally, HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Legend Biotech has a consensus rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $32.80 on Friday. The stock has a market capitalization of $6.02 billion, a PE ratio of -34.53 and a beta of 0.21. Legend Biotech Co. has a fifty-two week low of $29.27 and a fifty-two week high of $60.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The business has a fifty day moving average price of $35.07 and a two-hundred day moving average price of $37.89.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.46. The business had revenue of $186.50 million during 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%. Legend Biotech’s revenue was up 134.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.40) earnings per share. As a group, equities analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Legend Biotech Company 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).