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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given an average recommendation of “Buy” by the twelve ratings firms that are presently covering the stock, MarketBeat Ratings reports. Twelve investment analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $79.50.

Several research firms have weighed in on LEGN. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright reissued a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th.

Legend Biotech Stock Down 2.0 %

Shares of LEGN opened at $35.38 on Monday. The stock’s 50-day moving average price is $35.67 and its two-hundred day moving average price is $44.63. Legend Biotech has a 12 month low of $30.17 and a 12 month high of $70.13. The company has a market capitalization of $6.46 billion, a PE ratio of -37.24 and a beta of 0.17. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business’s revenue was up 66.9% compared to the same quarter last year. During the same period last year, the business posted ($0.17) EPS. On average, analysts anticipate that Legend Biotech will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently made changes to their positions in LEGN. FMR LLC grew its position in Legend Biotech by 4.0% in the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after acquiring an additional 708,620 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after purchasing an additional 314,449 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after purchasing an additional 266,296 shares during the last quarter. Franklin Resources Inc. purchased a new position in shares of Legend Biotech during the 3rd quarter valued at about $12,837,000. Finally, Los Angeles Capital Management LLC bought a new stake in Legend Biotech in the 4th quarter worth approximately $5,611,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Company Profile

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).