Legend Biotech (NASDAQ:LEGN) Trading 5.4% Higher – Here’s What Happened

Legend Biotech Co. (NASDAQ:LEGN)’s share price was up 5.4% during trading on Wednesday . The company traded as high as $41.00 and last traded at $40.47. Approximately 341,823 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 1,099,908 shares. The stock had previously closed at $38.40.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, November 13th. Redburn Atlantic assumed coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Scotiabank boosted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Tuesday, October 29th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $81.46.

Legend Biotech Trading Down 1.0 %

The stock’s 50 day moving average is $45.11 and its 200-day moving average is $48.07. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a market capitalization of $7.25 billion, a P/E ratio of -41.84 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) EPS. As a group, equities research analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Institutional Trading of Legend Biotech

A number of hedge funds have recently modified their holdings of LEGN. US Bancorp DE lifted its position in Legend Biotech by 4.5% during the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after acquiring an additional 293 shares during the period. ProShare Advisors LLC lifted its holdings in shares of 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. Vanguard Group Inc. boosted its position in shares of Legend Biotech by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 129,359 shares of the company’s stock worth $7,256,000 after purchasing an additional 738 shares in the last quarter. American International Group Inc. grew its stake in shares of Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after buying an additional 300 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in Legend Biotech by 79.8% during the 1st quarter. Advisors Asset Management Inc. now owns 4,494 shares of the company’s stock valued at $252,000 after buying an additional 1,995 shares in the last quarter. Institutional investors 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).