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

Legend Biotech Co. (NASDAQ:LEGN) has been assigned a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $82.64.

A number of analysts recently issued reports on LEGN shares. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price on the stock in a research report on Wednesday, April 17th. Cantor Fitzgerald assumed coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. UBS Group upped their price objective 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. Finally, Raymond James initiated coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price on the stock.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $45.41 on Friday. 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 has a fifty-two week low of $42.08 and a fifty-two week high of $77.32. The business has a fifty day moving average of $56.84 and a 200-day moving average of $59.54. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of -30.68 and a beta of 0.12.

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

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of LEGN. Avior Wealth Management LLC boosted 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 worth $445,000 after purchasing an additional 182 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in shares of Legend Biotech by 5.5% in the fourth 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 period. Teacher Retirement System of Texas grew its stake in shares of Legend Biotech by 2.6% in the third quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock valued at $796,000 after buying an additional 296 shares in the last quarter. Krane Funds Advisors LLC raised its holdings in shares of Legend Biotech by 2.3% during the 4th quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after buying an additional 451 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Legend Biotech by 53.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock worth $91,000 after acquiring an additional 472 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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).