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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given a consensus recommendation of “Buy” by the thirteen brokerages that are presently covering the company, Marketbeat reports. Thirteen investment analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $81.78.

A number of equities analysts have recently issued reports on the company. BMO Capital Markets reissued an “outperform” rating and set a $90.00 price target on shares of Legend Biotech in a research report on Wednesday, July 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Friday, September 27th. Scotiabank increased their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. Truist Financial assumed coverage on Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Monday, September 30th.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. raised its stake in shares of Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock worth $356,000 after purchasing an additional 527 shares during the last quarter. TimesSquare Capital Management LLC raised its stake in shares of Legend Biotech by 8.7% in the first quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company’s stock worth $64,980,000 after purchasing an additional 92,611 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Legend Biotech by 21.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock worth $2,949,000 after purchasing an additional 9,122 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Legend Biotech by 312.1% in the fourth quarter. Hsbc Holdings PLC now owns 196,715 shares of the company’s stock worth $11,836,000 after purchasing an additional 148,985 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Legend Biotech in the first quarter worth about $1,949,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Performance

LEGN stock opened at $49.07 on Tuesday. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. The business’s fifty day simple moving average is $53.12 and its two-hundred day simple moving average is $50.01. Legend Biotech has a twelve month low of $38.60 and a twelve month high of $70.78. The firm has a market cap of $8.94 billion, a price-to-earnings ratio of -37.75 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same quarter last year, the firm posted ($0.27) earnings per share. The business’s revenue was up 154.4% compared to the same quarter last year. Analysts predict that Legend Biotech will post -1.46 earnings per share for the current year.

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).