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

Legend Biotech Co. (NASDAQ:LEGN) has been assigned an average recommendation of “Buy” from the thirteen analysts that are currently covering the company, MarketBeat reports. Thirteen investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $81.78.

A number of analysts have commented on LEGN shares. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a report on Monday, June 17th. TD Cowen reduced their target price on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Monday, September 30th. Scotiabank increased their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Finally, Truist Financial started coverage on shares of Legend Biotech in a research note on Monday, June 17th. They issued a “buy” rating and a $88.00 price objective for the company.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of the stock. US Bancorp DE grew its stake in Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after acquiring an additional 293 shares in the last quarter. American International Group Inc. lifted its position in Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after purchasing an additional 300 shares during the last quarter. Public Sector Pension Investment Board lifted its position in Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after purchasing an additional 400 shares during the last quarter. Krane Funds Advisors LLC lifted its position in Legend Biotech by 2.3% during the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after purchasing an additional 451 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Legend Biotech by 9.7% during the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after purchasing an additional 494 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Up 1.0 %

Shares of Legend Biotech stock opened at $49.58 on Tuesday. Legend Biotech has a twelve month low of $38.60 and a twelve month high of $70.78. The company has a market cap of $9.04 billion, a price-to-earnings ratio of -38.14 and a beta of 0.10. 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 company’s 50 day moving average is $53.12 and its 200 day moving average is $49.94.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. During the same period in the prior year, the company earned ($0.27) earnings per share. The firm’s revenue was up 154.4% on a year-over-year basis. Research analysts anticipate that Legend Biotech will post -1.46 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).