Springhill Fund Asset Management HK Co Ltd Invests $6.21 Million in Legend Biotech Co. (NASDAQ:LEGN)

Springhill Fund Asset Management HK Co Ltd acquired a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 190,800 shares of the company’s stock, valued at approximately $6,209,000. Legend Biotech comprises about 10.1% of Springhill Fund Asset Management HK Co Ltd’s holdings, making the stock its 2nd largest holding.

Several other institutional investors also recently modified their holdings of LEGN. Artisan Partners Limited Partnership grew its position in Legend Biotech by 155.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock worth $48,991,000 after purchasing an additional 915,891 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Legend Biotech by 176.0% in the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company’s stock worth $32,475,000 after acquiring an additional 636,390 shares during the period. IvyRock Asset Management HK Ltd lifted its holdings in Legend Biotech by 3,827.9% in the fourth quarter. IvyRock Asset Management HK Ltd now owns 267,100 shares of the company’s stock valued at $8,691,000 after acquiring an additional 260,300 shares during the period. Franklin Resources Inc. purchased a new position in Legend Biotech in the third quarter worth about $12,837,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Legend Biotech during the 4th quarter valued at about $5,611,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Finally, HC Wainwright boosted their price target on Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $32.01 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. Legend Biotech Co. has a twelve month low of $30.17 and a twelve month high of $60.87. The business has a 50-day moving average price of $36.12 and a 200-day moving average price of $38.96. The firm has a market cap of $5.88 billion, a price-to-earnings ratio of -33.69 and a beta of 0.21.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data 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. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same period last year, the firm posted ($0.40) EPS. The company’s revenue was up 134.6% on a year-over-year basis. As a group, equities research analysts predict that Legend Biotech Co. will post -1.31 EPS 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).