Legend Biotech (NASDAQ:LEGN) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Legend Biotech (NASDAQ:LEGN) had its target price hoisted by Morgan Stanley from $81.00 to $83.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also recently commented on LEGN. Truist Financial lowered 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. UBS Group set a $54.00 target price on shares of Legend Biotech and gave the stock a “buy” rating in a report on Wednesday, July 2nd. HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a report on Thursday, July 17th. Johnson Rice reaffirmed a “buy” rating on shares of Legend Biotech in a report on Thursday, July 17th. Finally, Cantor Fitzgerald raised shares of Legend Biotech to a “strong-buy” rating in a report on Monday, August 4th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $72.38.

Legend Biotech Stock Up 2.1%

Legend Biotech stock opened at $36.99 on Tuesday. The stock has a market cap of $6.80 billion, a P/E ratio of -42.03 and a beta of 0.26. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30. Legend Biotech has a twelve month low of $27.34 and a twelve month high of $59.62. The company’s 50-day moving average price is $37.56 and its two-hundred day moving average price is $35.16.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The company had revenue of $255.06 million during the quarter, compared to the consensus estimate of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 31.83%. The firm’s revenue was up 36.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) earnings per share. As a group, analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

Several large investors have recently made changes to their positions in the company. Advisors Asset Management Inc. boosted its position in shares of Legend Biotech by 19.6% during the 2nd quarter. Advisors Asset Management Inc. now owns 23,720 shares of the company’s stock worth $842,000 after acquiring an additional 3,895 shares in the last quarter. CenterBook Partners LP boosted its position in shares of Legend Biotech by 41.1% during the 2nd quarter. CenterBook Partners LP now owns 105,668 shares of the company’s stock worth $3,750,000 after acquiring an additional 30,789 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Legend Biotech by 10.5% during the 2nd quarter. Franklin Resources Inc. now owns 286,500 shares of the company’s stock worth $10,168,000 after acquiring an additional 27,148 shares in the last quarter. DNB Asset Management AS acquired a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $241,000. Finally, IvyRock Asset Management HK Ltd boosted its position in shares of Legend Biotech by 3.1% during the 2nd quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock worth $30,873,000 after acquiring an additional 25,900 shares in 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).