Handelsbanken Fonder AB acquires a stake in Legend Biotech Co.
On Friday, Handelsbanken Fonder AB announced that it had purchased a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN) in the 4th quarter of 2021. According to its most recent Form 13F filing with the Securities & Exchange Commission, the institutional investor bought 21,100 shares of the company’s stock valued at approximately $1,053,000.
With this acquisition, Handelsbanken Fonder AB joins other institutional investors who have recently purchased stakes in Legend Biotech Co. Institutional ownership of LEGN shares is currently at 92.27%, with mutual funds holding approximately 19.86% of the outstanding shares as of December 31st, according to data from MarketBeat.
Legend Biotech Co., founded in China and based out of Somerset New Jersey was founded in formerly known as GenScript USA Inc., Legend has been creating new financial records since inception by quietly selling equity for their leading pipeline products like ciltacabtagene autoleucel (“cilta-cel”), for which they collaborate with Johnson & Johnson.
Cilta-cel is an antigen-targeted CAR-T cell therapy that aids patients suffering from relapsed or refractory large B-cell lymphoma with high response rates combined with low toxicity levels and improved duration symptoms compared to conventional therapies. The medtech start-up plans to launch two more products: LB1901 and LB2001 besides already marketed JNJ’s Talencelgene celgene’s balstisitnib
Regarding investments and collaborations, Fredrik Närje, Head of Equities at Handelsbanken Funds said “We are excited about our recent acquisition of LEGN shares and look forward to collaborating with one another,” adding that “Handelsbanken Fund managers understand well that investing alone is not sufficient. We aim to work closely with our partners, and Legend Biotech Co. provides the perfect platform for us to do so.”
The market anticipates a bright future for Legend Biotech Co and it seems that Handelsbanken Fonder AB is positioning itself among those who believe in this company’s vision for delivering breakthroughs in immunotherapy. The acquisition of 21,100 shares of LEGN by Handelsbanken Fonder AB is expected to benefit both companies as they embark on an exciting journey towards innovation and growth.
Legend Biotech Attracts Attention from Hedge Funds and Institutional Investors with Positive Equity Reports and Strong Market Trends
Legend Biotech, a leading biopharmaceutical company that specializes in developing breakthrough cell-based therapies for cancer treatments, has recently garnered attention from several hedge funds and institutional investors. According to a report released yesterday, several hedge funds have modified their holdings of LEGN, with the most notable being American International Group Inc., which purchased a stake in Legend Biotech valued at $33,000 during the second quarter of this year.
Other notable investors include Dupont Capital Management Corp, which acquired a new position in shares of Legend Biotech worth approximately $216,000 during the fourth quarter of last year. Macquarie Group Ltd. also increased its holdings in LEGN by 78.5% during the third quarter and now owns 2,951 shares of the company’s stock valued at $121,000 after acquiring an additional 1,298 shares in the last quarter. Nomura Holdings Inc. also made moves to acquire new positions in shares of Legend Biotech valued at around $215,000 during Q2 2020.
As it stands currently, 38.88% of Legend Biotech’s total outstanding stock is owned by hedge funds and other institutional investors.
Despite market fluctuations over recent months due to Covid-19 and other factors affecting global health care spending trends as well as regulatory headwinds facing many companies such as Legend Biomaterials due to uncertainty related to US healthcare policy alongside ever-growing dependence on clinical trials’ outcomes having huge repercussions towards the survival of businesses reliant on biotechnologies and therapeutic advancements; equities analysts maintain positive stances on LEGN stocks.
Lately, several equity research analysts have issued reports on LEGN including HC Wainwright upping its price objective from $66.00 to $77.00 and giving the company a “buy” rating just last month on April 20th in a report that singled out key developments being undertaken by LEGN’s management to mitigate regulatory and supply chain uncertainties and to strengthen its clinical development pipeline.
Morgan Stanley, Royal Bank of Canada, BMO Capital Markets, JPMorgan Chase & Co. have also upped their price objectives on LEGN in recent months, citing bullish outlook towards Legend Biotech’s product pipeline and financials for the near-term future. Out of the thirteen research analysts who have given their thoughts on LEGN stock, only one rates it a hold. The company thus far has garnered a consensus rating of “Moderate Buy” with an average target price set at $75.00 per share by Bloomberg experts.
In conclusion, the current strong market trends depicting increasing institutional ownership of Legend Biotech along with positive equity reports only serve to reaffirm LEGN’s robust growth potential.
