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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been assigned an average recommendation of “Buy” from the twelve research firms that are covering the firm, Marketbeat reports. Twelve research analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $79.50.

LEGN has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Tuesday, January 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Piper Sandler restated an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC acquired a new stake in Legend Biotech during the 2nd quarter worth approximately $2,620,000. SG Americas Securities LLC acquired a new position in Legend Biotech during the 3rd quarter worth $212,000. Handelsbanken Fonder AB increased its holdings in Legend Biotech by 7.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 50,500 shares of the company’s stock worth $2,461,000 after purchasing an additional 3,600 shares during the period. Diversified Trust Co purchased a new position in shares of Legend Biotech in the 3rd quarter valued at about $1,730,000. Finally, abrdn plc grew its position in shares of Legend Biotech by 110.4% during the third quarter. abrdn plc now owns 33,729 shares of the company’s stock worth $1,628,000 after buying an additional 17,696 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $35.38 on Monday. 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 has a 52 week low of $30.17 and a 52 week high of $70.13. The stock’s 50-day moving average price is $35.53 and its 200-day moving average price is $44.36. The stock has a market capitalization of $6.46 billion, a PE ratio of -37.24 and a beta of 0.18.

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