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

Legend Biotech Co. (NASDAQ:LEGN – Get Rating) has received an average rating of “Buy” from the six research firms that are currently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $65.20.

A number of equities research analysts recently commented on LEGN shares. BTIG Research lifted their target price on Legend Biotech from $65.00 to $75.00 in a report on Tuesday, March 1st. BMO Capital Markets began coverage on Legend Biotech in a report on Thursday, June 16th. They set an “outperform” rating and a $77.00 target price for the company. Morgan Stanley lifted their price target on Legend Biotech from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, March 7th. Finally, Barclays began coverage on Legend Biotech in a research report on Tuesday, March 15th. They set an “overweight” rating and a $53.00 price target for the company.

Several institutional investors have recently bought and sold shares of LEGN. Ensign Peak Advisors Inc purchased a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $89,000. Daiwa Securities Group Inc. increased its position in shares of Legend Biotech by 2,373.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,696 shares of the company’s stock worth $126,000 after purchasing an additional 2,587 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Legend Biotech during the fourth quarter worth approximately $140,000. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Legend Biotech during the fourth quarter worth approximately $210,000. Finally, Parametrica Management Ltd purchased a new stake in shares of Legend Biotech during the first quarter worth approximately $220,000.

Legend Biotech stock opened at $47.77 on Thursday. The company has a quick ratio of 3.81, a current ratio of 3.83 and a debt-to-equity ratio of 0.29. Legend Biotech has a 52 week low of $30.75 and a 52 week high of $58.00. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of -40.14 and a beta of -0.11. The stock has a 50-day moving average price of $41.35 and a 200 day moving average price of $41.37.

Legend Biotech (NASDAQ:LEGN – Get Rating) last released its earnings results on Wednesday, June 1st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.33. Legend Biotech had a negative return on equity of 109.44% and a negative net margin of 295.68%. Research analysts anticipate that Legend Biotech will post -2.04 EPS for the current fiscal year.

About Legend Biotech (Get Rating)

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development 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), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma.

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