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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given a consensus rating of “Moderate Buy” by the twelve research firms that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $79.00.

A number of analysts have recently issued reports on the stock. HC Wainwright lifted their price objective on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, March 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Morgan Stanley cut their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th.

Legend Biotech Price Performance

Legend Biotech stock opened at $36.33 on Tuesday. The business has a 50-day simple moving average of $36.18 and a 200 day simple moving average of $39.93. Legend Biotech has a 52 week low of $30.17 and a 52 week high of $60.87. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of -38.24 and a beta of 0.19. 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 issued its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. Legend Biotech’s revenue was up 134.6% on a year-over-year basis. On average, research analysts forecast that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Legend Biotech by 4.0% in the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after purchasing an additional 708,620 shares during the last quarter. Suvretta Capital Management LLC purchased a new position in shares of Legend Biotech during the fourth quarter valued at approximately $113,767,000. Invesco Ltd. raised its holdings in shares of 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 in the last quarter. Braidwell LP lifted its stake in Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after acquiring an additional 1,436,400 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Legend Biotech by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock valued at $69,010,000 after acquiring an additional 84,405 shares in the last quarter. 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).