Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) PT at $78.82

Legend Biotech Co. (NASDAQ:LEGN) has earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $74.73.

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday. Morgan Stanley reduced their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Truist Financial dropped their target price on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $27.78 on Wednesday. Legend Biotech has a 52 week low of $27.34 and a 52 week high of $60.87. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The stock has a market cap of $5.10 billion, a PE ratio of -29.24 and a beta of 0.20. The company’s 50-day moving average price is $33.47 and its two-hundred day moving average price is $35.85.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.33. The business had revenue of $195.05 million during the quarter, compared to analyst estimates of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. As a group, sell-side analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently made changes to their positions in the stock. Westfield Capital Management Co. LP lifted its holdings in Legend Biotech by 21.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company’s stock worth $234,713,000 after purchasing an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC acquired a new position in Legend Biotech during the fourth quarter valued at approximately $113,767,000. Invesco Ltd. raised its position in shares of Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the period. Braidwell LP lifted its stake in shares of Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after buying an additional 1,436,400 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Legend Biotech by 0.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock worth $77,030,000 after buying an additional 6,708 shares during the last quarter. Institutional investors and hedge funds 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).