Morgan Stanley Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $80.00

Legend Biotech (NASDAQ:LEGN) had its price objective decreased by Morgan Stanley from $82.00 to $80.00 in a report published on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on the company. HC Wainwright lifted their price target on Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, March 12th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reiterated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.17.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $37.94 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The company has a market cap of $6.93 billion, a PE ratio of -39.94 and a beta of 0.19. The business has a 50-day simple moving average of $35.75 and a two-hundred day simple moving average of $40.61. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $65.45.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. During the same quarter in the previous year, the company posted ($0.40) earnings per share. The company’s revenue was up 134.6% compared to the same quarter last year. As a group, equities analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Legend Biotech by 4.0% in the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after purchasing an additional 708,620 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after purchasing an additional 266,296 shares during the last quarter. Suvretta Capital Management LLC acquired a new position in shares of Legend Biotech in the 4th quarter valued at $113,767,000. Invesco Ltd. lifted its stake in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the last quarter. Finally, Braidwell LP lifted its stake in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock valued at $96,903,000 after purchasing an additional 1,436,400 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).