Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $72.38 Average PT from Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have been given an average recommendation of “Buy” by the ten ratings firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $72.3750.

LEGN has been the subject of a number of research reports. Truist Financial reduced their target price on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. UBS Group set a $54.00 target price on shares of Legend Biotech and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Cantor Fitzgerald raised shares of Legend Biotech to a “strong-buy” rating in a research report on Monday, August 4th. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $77.00 target price (up from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th.

Legend Biotech Stock Up 0.1%

Legend Biotech stock opened at $35.56 on Friday. Legend Biotech has a twelve month low of $27.34 and a twelve month high of $59.62. The firm has a 50 day moving average price of $37.80 and a 200-day moving average price of $35.12. The company has a market capitalization of $6.53 billion, a P/E ratio of -40.41 and a beta of 0.26. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The company had revenue of $255.06 million for the quarter, compared to the consensus estimate of $237.49 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue was up 36.8% on a year-over-year basis. As a group, equities analysts predict that Legend Biotech will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Westfield Capital Management Co. LP boosted 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 buying an additional 1,203,871 shares during the period. Suvretta Capital Management LLC bought a new position in Legend Biotech in the 4th quarter worth approximately $113,767,000. Braidwell LP boosted its holdings in Legend Biotech by 93.2% in the 4th 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 period. Massachusetts Financial Services Co. MA boosted its holdings in Legend Biotech by 0.3% in the 1st 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 period. Finally, Artisan Partners Limited Partnership boosted its holdings in Legend Biotech by 87.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock worth $75,319,000 after buying an additional 990,500 shares during the period. 70.89% of the stock is 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).