Legend Biotech (NASDAQ:LEGN) Stock Price Up 4.5%

Shares of Legend Biotech Co. (NASDAQ:LEGN) shot up 4.5% on Monday . The stock traded as high as $46.35 and last traded at $46.28. 174,020 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,060,931 shares. The stock had previously closed at $44.29.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. UBS Group upped their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Piper Sandler restated an “overweight” rating and set a $90.00 price target on shares of Legend Biotech in a research note on Monday, June 17th. Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective on the stock in a research note on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of Legend Biotech in a report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 target price on the stock. Finally, Truist Financial assumed coverage on shares of Legend Biotech in a research report on Monday, June 17th. They issued a “buy” rating and a $88.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $81.67.

Legend Biotech Stock Performance

The company’s fifty day moving average price is $43.72 and its two-hundred day moving average price is $53.48. The company has a current ratio of 5.66, a quick ratio of 5.57 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.13. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The company had revenue of $93.90 million during the quarter, compared to analyst estimates of $143.24 million. During the same period in the prior year, the firm posted ($0.40) earnings per share. The firm’s revenue was up 158.7% on a year-over-year basis. Analysts forecast that Legend Biotech Co. will post -1.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its position in shares of Legend Biotech by 71.6% during the 4th 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. grew its holdings in shares of 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 acquiring an additional 596,390 shares during the last quarter. Altitude Crest Partners Inc. acquired a new stake in shares of Legend Biotech during the fourth quarter valued at approximately $32,601,000. First Turn Management LLC purchased a new stake in shares of Legend Biotech in the fourth quarter worth approximately $28,646,000. Finally, Westfield Capital Management Co. LP raised its position in Legend Biotech by 26.1% during the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after acquiring an additional 463,527 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).