Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $72.60 Consensus Price Target from Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have received an average recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $72.60.

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

Legend Biotech Stock Down 1.6%

Shares of LEGN stock opened at $35.35 on Thursday. The stock has a market cap of $6.50 billion, a P/E ratio of -59.91 and a beta of 0.19. Legend Biotech has a 52 week low of $27.34 and a 52 week high of $60.87. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $32.56 and its two-hundred day simple moving average is $34.00.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.33. The business had revenue of $195.05 million for the quarter, compared to analysts’ expectations of $190.83 million. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The business’s quarterly revenue was up 107.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.16) EPS. Analysts predict that Legend Biotech will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds have recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP grew its holdings in Legend Biotech by 21.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company’s stock valued at $234,713,000 after purchasing an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC bought a new position in Legend Biotech in the 4th quarter worth about $113,767,000. Invesco Ltd. grew its stake in Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock worth $107,706,000 after acquiring an additional 1,022,365 shares in the last quarter. Braidwell LP grew its stake in Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after acquiring an additional 1,436,400 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock worth $77,030,000 after acquiring an additional 6,708 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

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).