Legend Biotech’s (LEGN) “Overweight” Rating Reaffirmed at Piper Sandler

Legend Biotech (NASDAQ:LEGN)‘s stock had its “overweight” rating reissued by equities research analysts at Piper Sandler in a report released on Monday,Benzinga reports. They currently have a $78.00 target price on the stock. Piper Sandler’s price objective suggests a potential upside of 140.96% from the stock’s previous close.

LEGN has been the topic of several other reports. HC Wainwright restated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Tuesday, December 10th. Redburn Atlantic assumed coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech currently has an average rating of “Buy” and a consensus target price of $80.62.

Legend Biotech Stock Down 0.4 %

LEGN stock traded down $0.12 during trading hours on Monday, reaching $32.37. 428,288 shares of the stock were exchanged, compared to its average volume of 1,136,121. The company has a market cap of $5.91 billion, a price-to-earnings ratio of -34.07 and a beta of 0.08. The firm’s 50-day moving average is $39.95 and its 200-day moving average is $47.09. Legend Biotech has a 12 month low of $32.08 and a 12 month high of $70.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) EPS. On average, equities research analysts expect that Legend Biotech will post -1.23 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in Legend Biotech during the 3rd quarter valued at about $148,000. SG Americas Securities LLC purchased a new stake in Legend Biotech during the 3rd quarter valued at $212,000. Public Employees Retirement System of Ohio purchased a new position in shares of Legend Biotech in the 3rd quarter worth $229,000. CIBC Asset Management Inc purchased a new stake in Legend Biotech during the second quarter valued at $283,000. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Legend Biotech by 31.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock valued at $290,000 after acquiring an additional 1,571 shares during the period. 70.89% of the stock is currently owned by institutional investors.

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).