Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) Target Price at $79.00

Shares of Legend Biotech Co. (NASDAQ:LEGN) have earned an average recommendation of “Moderate Buy” from the twelve research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $79.00.

A number of equities research analysts recently commented on LEGN shares. HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. Piper Sandler reissued an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Morgan Stanley decreased their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Finally, Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LEGN. Exane Asset Management purchased a new stake in shares of Legend Biotech during the fourth quarter worth about $2,284,000. Matthews International Capital Management LLC lifted its holdings in shares of Legend Biotech by 14.9% during the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after acquiring an additional 153,665 shares during the period. Nordea Investment Management AB grew its holdings in Legend Biotech by 14.2% in the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after purchasing an additional 33,024 shares during the period. Franklin Resources Inc. acquired a new position in Legend Biotech during the third quarter worth approximately $12,837,000. Finally, Geode Capital Management LLC raised its stake in Legend Biotech by 3.6% during the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Stock Down 1.7 %

Shares of NASDAQ LEGN opened at $32.24 on Friday. The firm has a 50-day simple moving average of $34.96 and a two-hundred day simple moving average of $37.53. Legend Biotech has a 1 year low of $29.27 and a 1 year high of $60.87. 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 company has a market cap of $5.92 billion, a P/E ratio of -33.94 and a beta of 0.21.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.46. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business’s revenue for the quarter was up 134.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.40) EPS. Research analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current year.

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).