Legend Biotech (NASDAQ:LEGN) Shares Gap Up to $50.12

Legend Biotech Co. (NASDAQ:LEGN) gapped up prior to trading on Wednesday . The stock had previously closed at $50.12, but opened at $51.39. Legend Biotech shares last traded at $49.66, with a volume of 74,549 shares traded.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price for the company. UBS Group raised their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Barclays raised their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Finally, Raymond James started coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an “outperform” rating and a $86.00 target price for the company. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Price Performance

The company’s fifty day moving average price is $59.61 and its 200-day moving average price is $60.96. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The company had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. The business’s revenue was up 177.2% compared to the same quarter last year. Research analysts forecast that Legend Biotech Co. will post -1.43 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LEGN. Avior Wealth Management LLC increased its position in Legend Biotech by 2.5% during the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock valued at $445,000 after purchasing an additional 182 shares during the period. Public Sector Pension Investment Board grew its position in shares of Legend Biotech by 1.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 20,689 shares of the company’s stock worth $1,390,000 after buying an additional 220 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Legend Biotech by 5.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after buying an additional 253 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Legend Biotech by 2.6% in the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock worth $796,000 after buying an additional 296 shares during the last quarter. Finally, OLD Mission Capital LLC grew its position in shares of Legend Biotech by 6.1% in the 4th quarter. OLD Mission Capital LLC now owns 5,171 shares of the company’s stock worth $311,000 after buying an additional 298 shares during 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).