Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) PT at $78.89

Legend Biotech Co. (NASDAQ:LEGN – Get Rating) has been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $78.89.

Several equities research analysts have recently weighed in on the company. HC Wainwright increased their price objective on Legend Biotech from $66.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, April 20th. Royal Bank of Canada increased their price objective on Legend Biotech from $74.00 to $83.00 in a research report on Friday. Barclays increased their price objective on Legend Biotech from $65.00 to $90.00 in a research report on Friday. Daiwa Capital Markets assumed coverage on Legend Biotech in a research report on Monday. They issued a “buy” rating for the company. Finally, Morgan Stanley increased 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.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $68.96 on Friday. The company has a quick ratio of 3.66, a current ratio of 3.69 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average price of $58.03 and a two-hundred day moving average price of $53.00. Legend Biotech has a 12-month low of $37.30 and a 12-month high of $73.30.

Legend Biotech (NASDAQ:LEGN – Get Rating) last posted its quarterly earnings data on Friday, February 17th. The company reported ($0.41) earnings per share for the quarter. The firm had revenue of $11.97 million during the quarter. As a group, equities analysts predict that Legend Biotech will post -2.16 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of LEGN. RA Capital Management L.P. acquired a new position in Legend Biotech during the third quarter worth $95,415,000. FMR LLC grew its holdings in shares of Legend Biotech by 8.3% during the first quarter. FMR LLC now owns 16,394,677 shares of the company’s stock worth $790,551,000 after purchasing an additional 1,253,099 shares during the last quarter. Capital World Investors grew its holdings in shares of Legend Biotech by 85.5% during the first quarter. Capital World Investors now owns 2,214,024 shares of the company’s stock worth $80,458,000 after purchasing an additional 1,020,545 shares during the last quarter. Avidity Partners Management LP bought a new stake in shares of Legend Biotech during the fourth quarter worth $48,422,000. Finally, Braidwell LP bought a new stake in shares of Legend Biotech during the fourth quarter worth $32,852,000. 38.88% of the stock is currently owned by institutional investors and hedge funds.

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.