Legend Biotech (NASDAQ:LEGN) Shares Gap Up to $50.12

Legend Biotech Co. (NASDAQ:LEGN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $50.12, but opened at $51.39. Legend Biotech shares last traded at $49.66, with a volume of 74,549 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on LEGN shares. Raymond James began coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price on the stock. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective for the company. Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective for the company in a research note on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus price target of $82.70.

Legend Biotech Price Performance

The stock’s 50-day moving average is $59.61 and its 200-day moving average is $60.96. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. The firm had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business’s quarterly revenue was up 177.2% on a year-over-year basis. On average, analysts expect that Legend Biotech Co. will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently bought and sold shares of the stock. BluePath Capital Management LLC purchased a new position in Legend Biotech in the 3rd quarter worth approximately $32,000. Coppell Advisory Solutions LLC purchased a new position in shares of Legend Biotech during the 2nd quarter valued at approximately $41,000. American International Group Inc. purchased a new position in shares of Legend Biotech during the 2nd quarter valued at approximately $33,000. Lazard Asset Management LLC purchased a new position in shares of Legend Biotech during the 4th quarter valued at approximately $33,000. Finally, Quarry LP purchased a new position in shares of Legend Biotech during the 4th quarter valued at approximately $45,000. Hedge funds and other 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).