iA Global Asset Management Inc. Purchases Shares of 76,380 Legend Biotech Co. (NASDAQ:LEGN)

iA Global Asset Management Inc. purchased a new stake in Legend Biotech Co. (NASDAQ:LEGN) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 76,380 shares of the company’s stock, valued at approximately $2,485,000.

A number of other hedge funds also recently made changes to their positions in LEGN. Signaturefd LLC lifted its holdings in shares of Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after acquiring an additional 1,579 shares in the last quarter. OFI Invest Asset Management acquired a new position in shares of Legend Biotech during the 4th quarter valued at $77,000. Quantbot Technologies LP acquired a new position in shares of Legend Biotech during the 3rd quarter valued at $148,000. Public Employees Retirement System of Ohio acquired a new position in shares of Legend Biotech during the 3rd quarter valued at $229,000. Finally, Blue Trust Inc. lifted its holdings in shares of Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock valued at $190,000 after acquiring an additional 5,478 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on LEGN shares. Piper Sandler restated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Guggenheim restated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Morgan Stanley decreased their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $79.00.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $36.95 on Friday. The firm has a market cap of $6.79 billion, a PE ratio of -38.89 and a beta of 0.19. The firm’s 50-day simple moving average is $36.11 and its 200-day simple moving average is $40.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a 1 year low of $30.17 and a 1 year high of $60.87.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The business had revenue of $186.50 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the business posted ($0.40) EPS. Equities analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

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).