Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) PT at $69.33

Shares of Legend Biotech Co. (NASDAQ:LEGN – Get Rating) have earned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $69.33.

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised their target price on Legend Biotech from $61.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 6th. Piper Sandler lifted their price objective on Legend Biotech from $72.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, December 20th. Barclays lifted their price objective on Legend Biotech from $53.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 25th. Morgan Stanley lifted their price objective on Legend Biotech from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, January 24th. Finally, UBS Group began coverage on Legend Biotech in a research report on Tuesday, December 6th. They set a “buy” rating and a $66.00 price objective for the company.

Legend Biotech Stock Down 0.4 %

Shares of LEGN stock opened at $46.14 on Monday. The stock has a market cap of $7.72 billion, a PE ratio of -38.77 and a beta of -0.09. The company has a debt-to-equity ratio of 0.34, a quick ratio of 3.19 and a current ratio of 3.22. The business’s fifty day moving average is $50.13 and its 200-day moving average is $47.96. Legend Biotech has a 1 year low of $30.75 and a 1 year high of $57.72.

Hedge Funds Weigh In On Legend Biotech

Institutional investors have recently made changes to their positions in the business. FMR LLC grew its position in Legend Biotech by 174.8% during the second quarter. FMR LLC now owns 6,663,704 shares of the company’s stock worth $366,505,000 after buying an additional 4,239,041 shares in the last quarter. Mackenzie Financial Corp grew its position in Legend Biotech by 33.9% during the third quarter. Mackenzie Financial Corp now owns 172,049 shares of the company’s stock worth $7,020,000 after buying an additional 43,561 shares in the last quarter. Aviva PLC grew its position in Legend Biotech by 16.8% during the second quarter. Aviva PLC now owns 23,600 shares of the company’s stock worth $1,298,000 after buying an additional 3,400 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in Legend Biotech by 1.9% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,853 shares of the company’s stock worth $728,000 after buying an additional 328 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Legend Biotech by 10.6% during the third quarter. Federated Hermes Inc. now owns 2,338,800 shares of the company’s stock valued at $95,423,000 after purchasing an additional 225,000 shares in the last quarter. 38.88% of the stock is currently owned by institutional investors.

About Legend Biotech

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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.