Deutsche Bank AG Increases Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Deutsche Bank AG lifted its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 1,268.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,955 shares of the company’s stock after buying an additional 97,285 shares during the period. Deutsche Bank AG owned about 0.07% of Legend Biotech worth $5,307,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LEGN. Capital International Investors raised its holdings in shares of Legend Biotech by 303.3% during the 2nd quarter. Capital International Investors now owns 2,685,851 shares of the company’s stock valued at $110,254,000 after buying an additional 2,019,833 shares in the last quarter. RA Capital Management L.P. purchased a new position in Legend Biotech in the 2nd quarter worth approximately $40,126,000. BlackRock Inc. increased its stake in Legend Biotech by 284.1% in the 2nd quarter. BlackRock Inc. now owns 802,597 shares of the company’s stock worth $32,947,000 after purchasing an additional 593,618 shares during the period. Woodline Partners LP purchased a new position in Legend Biotech in the 2nd quarter worth approximately $11,208,000. Finally, Artisan Partners Limited Partnership increased its stake in Legend Biotech by 18.4% in the 2nd quarter. Artisan Partners Limited Partnership now owns 1,000,247 shares of the company’s stock worth $41,060,000 after purchasing an additional 155,199 shares during the period. 26.95% of the stock is currently owned by institutional investors.

LEGN opened at $41.50 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.37 and a current ratio of 2.37. Legend Biotech Co. has a 52-week low of $23.41 and a 52-week high of $58.00. The stock has a market capitalization of $6.39 billion, a PE ratio of -32.42 and a beta of -0.14. The stock’s 50 day moving average price is $48.70 and its 200-day moving average price is $45.37.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 16th. The company reported ($0.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.08). Legend Biotech had a negative net margin of 387.71% and a negative return on equity of 134.33%. The firm had revenue of $16.88 million for the quarter, compared to the consensus estimate of $12.50 million. Research analysts forecast that Legend Biotech Co. will post -1.43 EPS for the current fiscal year.

A number of equities analysts have commented on the company. Zacks Investment Research cut Legend Biotech from a “hold” rating to a “sell” rating in a research note on Tuesday, November 23rd. Piper Sandler assumed coverage on Legend Biotech in a research note on Tuesday, December 21st. They issued an “overweight” rating and a $66.00 price target on the stock. Morgan Stanley cut Legend Biotech from an “overweight” rating to an “equal weight” rating in a research note on Thursday, January 6th. Finally, BTIG Research boosted their target price on Legend Biotech from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, October 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Legend Biotech presently has an average rating of “Hold” and an average target price of $57.00.

About Legend Biotech

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development of novel cell therapies for oncology and other indications in North America and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM), as well as a comparison of the treatment with standard triplet therapy in relapsed and refractory multiple myeloma.

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Institutional Ownership by Quarter for Legend Biotech (NASDAQ:LEGN)

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