IFM Investors Pty Ltd Makes New $208,000 Investment in Legend Biotech Co. (NASDAQ:LEGN)

IFM Investors Pty Ltd bought a new position in shares of Legend Biotech Co. (NASDAQ:LEGN) during the 1st quarter, Holdings Channel reports. The fund bought 3,712 shares of the company’s stock, valued at approximately $208,000.

Other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC raised its stake in shares of Legend Biotech by 2.5% during the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock worth $445,000 after buying an additional 182 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of Legend Biotech by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after buying an additional 253 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Legend Biotech by 2.6% during the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock worth $796,000 after buying an additional 296 shares during the last quarter. AE Wealth Management LLC raised its stake in shares of Legend Biotech by 4.9% during the 3rd quarter. AE Wealth Management LLC now owns 7,065 shares of the company’s stock worth $475,000 after buying an additional 328 shares during the last quarter. Finally, Krane Funds Advisors LLC raised its stake in shares of Legend Biotech by 2.3% during the 4th quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock worth $1,230,000 after buying an additional 451 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

Several research analysts recently weighed in on LEGN shares. Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price for the company in a research note on Wednesday, April 17th. HC Wainwright reissued a “buy” rating and issued a $87.00 target price on shares of Legend Biotech in a research note on Tuesday, April 23rd. Barclays boosted their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 target price on shares of Legend Biotech in a research note on Thursday, March 7th. Finally, UBS Group boosted their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $82.64.

Legend Biotech Trading Up 2.0 %

Shares of NASDAQ:LEGN traded up $0.88 during trading on Friday, reaching $45.30. 895,893 shares of the stock were exchanged, compared to its average volume of 1,054,547. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. Legend Biotech Co. has a 12-month low of $44.06 and a 12-month high of $77.32. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of -30.61 and a beta of 0.01. The firm’s 50-day moving average price is $58.06 and its 200 day moving average price is $60.05.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $95.63 million. The company’s revenue was up 177.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Legend Biotech Co. will post -1.43 earnings per share for the current fiscal 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).