Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) Price Target at $81.78

Legend Biotech Co. (NASDAQ:LEGN) has been given a consensus recommendation of “Buy” by the thirteen brokerages that are presently covering the firm, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have covered the stock in the last year is $81.78.

Several equities research analysts have recently commented on LEGN shares. TD Cowen cut their price objective on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Wednesday, July 3rd. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Friday, September 27th. Scotiabank raised their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Finally, Piper Sandler reissued an “overweight” rating and set a $90.00 price target on shares of Legend Biotech in a research report on Monday, June 17th.

Institutional Trading of Legend Biotech

Several institutional investors have recently added to or reduced their stakes in LEGN. Wellington Management Group LLP lifted its holdings in shares of Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after buying an additional 962,381 shares in the last quarter. RA Capital Management L.P. raised its stake in Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Altitude Crest Partners Inc. bought a new stake in Legend Biotech in the 4th quarter valued at about $32,601,000. Westfield Capital Management Co. LP grew its position in shares of Legend Biotech by 26.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock worth $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Finally, Capital International Investors grew its position in shares of Legend Biotech by 19.5% during the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after purchasing an additional 356,387 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Down 1.8 %

Shares of LEGN stock opened at $47.79 on Tuesday. The firm’s fifty day moving average price is $53.28 and its two-hundred day moving average price is $50.21. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $70.78. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $8.71 billion, a P/E ratio of -36.76 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.49. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. Legend Biotech’s revenue was up 154.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.27) earnings per share. On average, equities analysts predict that Legend Biotech will post -1.46 EPS for the current fiscal 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).