Legend Biotech Co. (NASDAQ:LEGN) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Legend Biotech Co. (NASDAQ:LEGN) have received a consensus rating of “Buy” from the thirteen research firms that are presently covering the company, Marketbeat reports. Thirteen research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $81.78.

A number of research firms have weighed in on LEGN. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Wednesday, August 28th. BMO Capital Markets reissued an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. Scotiabank boosted their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Legend Biotech in a research note on Thursday, May 23rd. They set a “buy” rating and a $60.00 target price for the company. Finally, Piper Sandler reissued an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th.

Legend Biotech Stock Down 1.1 %

LEGN opened at $49.80 on Friday. Legend Biotech has a fifty-two week low of $38.60 and a fifty-two week high of $70.78. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The company has a fifty day moving average of $54.79 and a two-hundred day moving average of $52.02. The stock has a market capitalization of $9.08 billion, a price-to-earnings ratio of -38.31 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The company had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. During the same quarter in the previous year, the company earned ($0.27) earnings per share. The firm’s revenue for the quarter was up 154.4% on a year-over-year basis. On average, research analysts expect that Legend Biotech will post -1.56 earnings per share for the current year.

Institutional Trading of Legend Biotech

Large investors have recently bought and sold shares of the business. Swiss National Bank boosted its holdings in Legend Biotech by 10.3% in the 4th quarter. Swiss National Bank now owns 153,994 shares of the company’s stock valued at $9,266,000 after purchasing an additional 14,400 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Legend Biotech by 23.2% in the 4th quarter. Teacher Retirement System of Texas now owns 14,601 shares of the company’s stock valued at $879,000 after purchasing an additional 2,752 shares during the last quarter. Jump Financial LLC boosted its holdings in Legend Biotech by 157.3% in the 4th quarter. Jump Financial LLC now owns 121,481 shares of the company’s stock valued at $7,310,000 after purchasing an additional 74,272 shares during the last quarter. Boston Partners acquired a new position in Legend Biotech in the 4th quarter valued at about $613,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Legend Biotech by 6.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,984,826 shares of the company’s stock valued at $119,427,000 after purchasing an additional 117,794 shares during the last quarter. 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).