Analysts Set Legend Biotech Co. (NASDAQ:LEGN) Target Price at $76.20

Legend Biotech Co. (NASDAQ:LEGN) has earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $76.20.

Several research analysts have recently weighed in on the company. Truist Financial lowered their price objective on Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a research note on Wednesday, April 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Legend Biotech in a research note on Wednesday, May 14th. Guggenheim restated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Finally, Morgan Stanley reduced their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th.

Institutional Trading of Legend Biotech

A number of institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after purchasing an additional 765 shares during the last quarter. Quarry LP purchased a new stake in shares of Legend Biotech in the first quarter worth approximately $48,000. Signaturefd LLC raised its holdings in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Legend Biotech during the 4th quarter worth approximately $56,000. Finally, Brooklyn Investment Group lifted its stake in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after acquiring an additional 1,583 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Price Performance

Shares of LEGN opened at $37.64 on Friday. The firm has a market capitalization of $6.92 billion, a PE ratio of -39.62 and a beta of 0.13. The company’s 50-day moving average is $31.59 and its 200-day moving average is $34.55. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $60.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.33. The company had revenue of $195.05 million for the quarter, compared to analysts’ expectations of $190.83 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s revenue was up 107.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.16) earnings per share. Equities analysts forecast that Legend Biotech will post -1.31 EPS 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).