China Universal Asset Management Co. Ltd. Purchases 6,114 Shares of Legend Biotech Co. (NASDAQ:LEGN)

China Universal Asset Management Co. Ltd. lifted its position in Legend Biotech Co. (NASDAQ:LEGN) by 63.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,711 shares of the company’s stock after acquiring an additional 6,114 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Legend Biotech were worth $766,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in LEGN. Blue Trust Inc. grew its stake in shares of Legend Biotech by 10,075.0% in the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after acquiring an additional 806 shares in the last quarter. American International Group Inc. grew its stake in shares of Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares in the last quarter. AM Squared Ltd bought a new stake in shares of Legend Biotech in the 2nd quarter worth $71,000. California State Teachers Retirement System grew its stake in shares of Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after acquiring an additional 2,216 shares in the last quarter. Finally, BNP Paribas bought a new stake in shares of Legend Biotech in the 1st quarter worth $199,000. Institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on LEGN shares. TD Cowen cut their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 15th. HC Wainwright reissued a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Wednesday, October 16th. BMO Capital Markets reissued an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a report on Wednesday, July 3rd. Redburn Atlantic started coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Tuesday. Fourteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech currently has a consensus rating of “Buy” and a consensus price target of $82.08.

Legend Biotech Price Performance

NASDAQ LEGN opened at $45.46 on Wednesday. The company has a market cap of $8.29 billion, a PE ratio of -34.97 and a beta of 0.10. Legend Biotech Co. has a 52 week low of $38.60 and a 52 week high of $70.13. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. The firm’s 50-day simple moving average is $49.78 and its two-hundred day simple moving average is $48.75.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The firm had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $125.25 million. During the same period in the prior year, the business posted ($0.27) earnings per share. The company’s revenue was up 154.4% on a year-over-year basis. Research analysts predict that Legend Biotech Co. will post -1.48 earnings per share for the current 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).