Legend Biotech (NASDAQ:LEGN) Price Target Raised to $78.00 at JPMorgan Chase & Co.

Legend Biotech (NASDAQ:LEGN) had its price target raised by JPMorgan Chase & Co. from $77.00 to $78.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the stock. Morgan Stanley boosted their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 12th. Cantor Fitzgerald upgraded shares of Legend Biotech to a “strong-buy” rating in a research note on Monday, August 4th. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. HC Wainwright reiterated a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a research note on Thursday, July 17th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $77.00 target price (up from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $73.00.

Legend Biotech Stock Down 2.7%

Shares of NASDAQ LEGN opened at $34.60 on Monday. Legend Biotech has a 12-month low of $27.34 and a 12-month high of $59.62. The company has a market capitalization of $6.36 billion, a PE ratio of -39.32 and a beta of 0.26. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. The firm’s 50-day moving average is $37.78 and its two-hundred day moving average is $35.12.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm had revenue of $255.06 million for the quarter, compared to analysts’ expectations of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The business’s quarterly revenue was up 36.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) EPS. Equities analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after purchasing an additional 765 shares during the last quarter. Quarry LP bought a new stake in Legend Biotech during the 1st quarter worth about $48,000. GF Fund Management CO. LTD. bought a new stake in Legend Biotech during the 4th quarter worth about $56,000. Brooklyn Investment Group grew its holdings in Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after acquiring an additional 1,583 shares during the last quarter. Finally, Shell Asset Management Co. grew its holdings in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after acquiring an additional 800 shares during 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).