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

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

Several research firms have weighed in on LEGN. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Friday, September 27th. BMO Capital Markets restated an “outperform” rating and issued a $90.00 price objective on shares of Legend Biotech in a research report on Wednesday, July 3rd. Scotiabank boosted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. TD Cowen decreased their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Finally, HC Wainwright restated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Monday, September 30th.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Daiwa Securities Group Inc. increased its position in shares of Legend Biotech by 9.0% during the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock valued at $356,000 after buying an additional 527 shares during the period. TimesSquare Capital Management LLC boosted its stake in Legend Biotech by 8.7% during the first quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company’s stock worth $64,980,000 after acquiring an additional 92,611 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Legend Biotech by 21.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock worth $2,949,000 after acquiring an additional 9,122 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Legend Biotech by 312.1% during the fourth quarter. Hsbc Holdings PLC now owns 196,715 shares of the company’s stock worth $11,836,000 after acquiring an additional 148,985 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Legend Biotech during the first quarter worth about $1,949,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $49.58 on Tuesday. Legend Biotech has a 52-week low of $38.60 and a 52-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 market capitalization of $9.04 billion, a P/E ratio of -38.14 and a beta of 0.10. The company has a fifty day moving average of $53.12 and a 200-day moving average of $49.94.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. The company had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The firm’s revenue was up 154.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.27) EPS. As a group, equities research analysts predict that Legend Biotech will post -1.46 EPS for the current fiscal 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).