Legend Biotech Co. (NASDAQ:LEGN) Receives Average Rating of “Buy” from Analysts

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given a consensus rating of “Buy” by the twelve brokerages that are currently covering the company, Marketbeat.com reports. Twelve equities research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have covered the stock in the last year is $79.50.

A number of brokerages have recently issued reports on LEGN. HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a report on Tuesday, January 21st. Piper Sandler restated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Finally, 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.

Legend Biotech Trading Down 2.0 %

Shares of Legend Biotech stock opened at $35.38 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The business has a fifty day simple moving average of $35.67 and a two-hundred day simple moving average of $44.63. Legend Biotech has a 1 year low of $30.17 and a 1 year high of $70.13. The company has a market capitalization of $6.46 billion, a price-to-earnings ratio of -37.24 and a beta of 0.17.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter last year, the company posted ($0.17) EPS. Legend Biotech’s quarterly revenue was up 66.9% compared to the same quarter last year. Research analysts forecast that Legend Biotech will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

A number of institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC raised its position in Legend Biotech by 4.0% during the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after purchasing an additional 708,620 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Legend Biotech by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after buying an additional 314,449 shares in the last quarter. Matthews International Capital Management LLC grew its position in Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock valued at $38,577,000 after acquiring an additional 153,665 shares during the last quarter. Finally, State Street Corp raised its stake in Legend Biotech by 0.4% during the third quarter. State Street Corp now owns 1,140,222 shares of the company’s stock worth $55,563,000 after acquiring an additional 4,735 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

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).