Legend Biotech (NASDAQ:LEGN) Shares Up 5.4% – Time to Buy?

Legend Biotech Co. (NASDAQ:LEGN) shares rose 5.4% on Wednesday . The stock traded as high as $41.00 and last traded at $40.47. Approximately 341,823 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 1,099,908 shares. The stock had previously closed at $38.40.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Tuesday, October 29th. Scotiabank upped their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, November 13th. Finally, Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $81.46.

Legend Biotech Stock Performance

The company has a 50-day moving average of $45.11 and a 200 day moving average of $48.07. The firm has a market capitalization of $7.25 billion, a PE ratio of -41.84 and a beta of 0.11. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the firm posted ($0.17) earnings per share. Legend Biotech’s quarterly revenue was up 66.9% on a year-over-year basis. Equities research analysts predict that Legend Biotech Co. will post -1.23 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Legend Biotech by 8.0% during the first quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock worth $112,982,000 after acquiring an additional 148,855 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Legend Biotech by 1.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after purchasing an additional 140,904 shares during the period. Bamco Inc. NY lifted its stake in Legend Biotech by 54.2% in the first quarter. Bamco Inc. NY now owns 276,827 shares of the company’s stock worth $15,527,000 after purchasing an additional 97,259 shares during the last quarter. Capital International Investors boosted its position in Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after buying an additional 356,387 shares during the period. Finally, US Bancorp DE boosted its position in Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after buying an additional 293 shares during the period. 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).