TimesSquare Capital Management LLC Increases Position in Legend Biotech Co. (NASDAQ:LEGN)

TimesSquare Capital Management LLC lifted its stake in Legend Biotech Co. (NASDAQ:LEGN) by 15.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,065,889 shares of the company’s stock after buying an additional 142,118 shares during the period. TimesSquare Capital Management LLC owned approximately 0.59% of Legend Biotech worth $64,135,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. BluePath Capital Management LLC purchased a new position in Legend Biotech in the third quarter worth $32,000. PNC Financial Services Group Inc. grew its position in Legend Biotech by 53.9% in the third quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock valued at $91,000 after acquiring an additional 472 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Legend Biotech by 141.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,048 shares of the company’s stock valued at $138,000 after buying an additional 1,199 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new position in shares of Legend Biotech in the 3rd quarter valued at approximately $323,000. Finally, Daiwa Securities Group Inc. raised its stake in Legend Biotech by 2,134.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 5,832 shares of the company’s stock valued at $351,000 after buying an additional 5,571 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on LEGN. Barclays boosted their price target on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. HC Wainwright reiterated a “buy” rating and issued a $87.00 price objective on shares of Legend Biotech in a research note on Thursday. UBS Group lifted 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. Raymond James started coverage on Legend Biotech in a research note on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price target for the company. Finally, Cantor Fitzgerald assumed coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price for the company. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.64.

Legend Biotech Stock Down 0.4 %

NASDAQ LEGN traded down $0.20 during trading on Thursday, hitting $45.52. The stock had a trading volume of 528,848 shares, compared to its average volume of 999,245. 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 $42.08 and a 12 month high of $77.32. The company’s 50-day moving average price is $55.07 and its two-hundred day moving average price is $58.87. The company has a market capitalization of $8.28 billion, a PE ratio of -30.86 and a beta of 0.12.

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

About Legend Biotech

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).