Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $72.60 Consensus Price Target from Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have been given an average rating of “Moderate Buy” by the eleven analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $72.60.

A number of research firms have recently issued reports on LEGN. Royal Bank Of Canada reiterated an “outperform” rating and set a $84.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 22nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price objective on shares of Legend Biotech in a research note on Wednesday, May 14th. Morgan Stanley dropped their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the company a “buy” rating in a research note on Wednesday. Finally, Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Westfield Capital Management Co. LP lifted its position in Legend Biotech by 21.1% during the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company’s stock valued at $234,713,000 after acquiring an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC purchased a new stake in Legend Biotech during the fourth quarter valued at approximately $113,767,000. Invesco Ltd. lifted its position in Legend Biotech by 44.7% during the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after acquiring an additional 1,022,365 shares during the last quarter. Braidwell LP lifted its position in Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock valued at $96,903,000 after acquiring an additional 1,436,400 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Legend Biotech by 0.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock valued at $77,030,000 after acquiring an additional 6,708 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN stock opened at $35.35 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07. The company has a market capitalization of $6.50 billion, a P/E ratio of -59.91 and a beta of 0.19. The company’s 50-day simple moving average is $32.56 and its two-hundred day simple moving average is $34.00. Legend Biotech has a one year low of $27.34 and a one year high of $60.87.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.33. The business had revenue of $195.05 million for the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The company’s revenue for the quarter was up 107.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.16) EPS. As a group, equities analysts anticipate that Legend Biotech will post -1.31 EPS for the current year.

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).