Legend Biotech Co. (NASDAQ:LEGN) Shares Bought by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC boosted its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 8.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,158,500 shares of the company’s stock after purchasing an additional 92,611 shares during the period. TimesSquare Capital Management LLC owned about 0.64% of Legend Biotech worth $64,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of Legend Biotech in the fourth quarter worth about $45,000. Barometer Capital Management Inc. acquired a new position in shares of Legend Biotech in the fourth quarter worth about $120,000. BNP Paribas acquired a new position in shares of Legend Biotech in the first quarter worth about $199,000. IFM Investors Pty Ltd acquired a new position in shares of Legend Biotech in the first quarter worth about $208,000. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Legend Biotech by 5.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after acquiring an additional 253 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LEGN has been the subject of a number of analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Friday, June 21st. Piper Sandler reissued an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th. 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. BMO Capital Markets reissued an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. Finally, Truist Financial initiated coverage on shares of Legend Biotech in a research note on Monday, June 17th. They set a “buy” rating and a $88.00 target price for the company. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $82.31.

Legend Biotech Price Performance

LEGN stock traded up $5.87 during mid-day trading on Friday, reaching $54.37. The company’s stock had a trading volume of 4,891,167 shares, compared to its average volume of 743,206. The stock has a market cap of $9.91 billion, a PE ratio of -41.82 and a beta of 0.11. The company has a current ratio of 5.66, a quick ratio of 5.57 and a debt-to-equity ratio of 0.25. Legend Biotech Co. has a fifty-two week low of $38.60 and a fifty-two week high of $77.32. The company’s 50 day moving average is $44.18 and its two-hundred day moving average is $52.87.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. The company had revenue of $93.90 million during the quarter, compared to the consensus estimate of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. Legend Biotech’s quarterly revenue was up 158.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.40) EPS. Equities research analysts expect that Legend Biotech Co. will post -1.93 EPS 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).