In the unpredictable world of finance, one thing remains constant – the practice of institutional investors acquiring shares in promising companies. CI Investments Inc. is a stand-out performer in this regard, having increased its position in Legend Biotech Co. by a staggering 779.6% during the fourth quarter of 2020, according to recent Securities and Exchange Commission filings.
CI Investments Inc.’s holdings now total 2,463 shares of Legend Biotech worth $123,000 at the end of last quarter. This clearly demonstrates that institutional investors view Legend Biotech as a prime investment opportunity with significant potential upside.
For those who want to know more about other hedge funds that are holding LEGN stocks, HoldingsChannel.com offers the latest insider trades and 13F filings for interested parties to peruse.
At present, NASDAQ LEGN opened at $66.04 on Thursday; however, its share price has fluctuated considerably over the course of the past year. The company’s debt-to-equity ratio sits at 0.41 and it boasts ratios like quick ratio and current ratio at an impressive level (3.79 and 3.84 respectively), which makes it seem sound from a financial standpoint.
Legend Biotech has a 52-week low of $37.30 but appears to be trending higher, given that it hit a 52-week high of $73.30 this year alone with a considerable 50-day moving average price point ($58.80) compared to its 200-day moving average ($53.20).
The data seems to present an exciting prospect for institutional investors like CI Investments Inc., who have identified positive value signals in Legend Biotech Co.’s stock performance and appear bullish about its future prospects.
In conclusion, taking advantage of LEGN’s stocks could prove highly rewarding for those willing to invest wisely after conducting extensive analyses into this particular firm’s performance trends not just within NASDAQ but also the industry it belongs to.
Legend Biotech Corporation Attracts Institutional Investors and Hedge Funds with Positive Ratings and Innovative Cell Therapies
Institutional investors and hedge funds have shown increased interest in Legend Biotech Corporation in recent months, with several purchasing and selling shares of LEGN. RA Capital Management L.P. has acquired a new position in Legend Biotech during Q3 worth about $95,415,000 while Capital World Investors increased its holdings by 85.5% during Q1 to own 2,214,024 shares of the company’s stock worth $80,458,000. BlackRock Inc., on the other hand, increased its holdings by 26.6% during Q1 to own 3,046,229 shares of the company’s stock worth $110,701,000. Further, Price T Rowe Associates Inc. MD purchased a new stake in Legend Biotech during Q2 worth about $31,194,000 with Samlyn Capital LLC increasing its holdings by 96.4% during Q3 to own 891,512 shares of the company’s stock worth $36,373,000.
The rise in interest from institutional investors and hedge funds is not surprising given the recent research reports that have surfaced on LEGN. HC Wainwright upped their price target on Legend Biotech from $66.00 to $77.00 and gave it a “buy” rating while BTIG Research raised their price target from $75.00 to $85.00 also giving it a “buy” rating. Barclays increased their price objective from $65.00 to $90.00 in May followed by Royal Bank of Canada who raised theirs from $74.00 to $83.00 on the same day as Barclays’. Finally, JPMorgan Chase & Co.’s research analysts upped their price objective from $65.00 to $76., giving LEGN an “overweight” rating back in April.
Legend Biotech Corporation engages in discovering novel cell therapies for oncology and other indications within the United States, China, and internationally. Its lead product candidate is LCAR- B38M, a chimeric antigen receptor used in fighting multiple myeloma (MM), with comparison to treatment with standard triplet therapy in rev limid-refractory multiple myeloma. The company has received favorable ratings from numerous research analysts, with an average rating of “Moderate Buy” and an average price target of $78.89 based on data from Bloomberg.com.
In conclusion, Legend Biotech Corporation remains a formidable force within the biopharmaceutical market with its clinical-stage tracking record showing few missteps. The recent influx of interest from institutional investors and hedge funds can only serve to establish the company’s presence as they continue to develop innovative cell therapies for oncology and other indications on a global scale.
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