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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have earned a consensus rating of “Buy” from the thirteen brokerages that are covering the company, MarketBeat reports. Thirteen equities research analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have covered the stock in the last year is $80.62.

Several analysts have recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reissued a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, December 10th. Finally, Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of Legend Biotech by 4.0% in the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after purchasing an additional 708,620 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Legend Biotech by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after buying an additional 314,449 shares during the period. Point72 Asset Management L.P. purchased a new stake in Legend Biotech during the 2nd quarter valued at $13,487,000. Westfield Capital Management Co. LP lifted its position in Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new position in Legend Biotech during the third quarter worth $12,837,000. 70.89% of the stock is owned by institutional investors.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $32.50 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $70.13. The stock has a market cap of $5.94 billion, a PE ratio of -34.21 and a beta of 0.16. The firm’s fifty day moving average price is $37.53 and its two-hundred day moving average price is $46.39.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million for 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 was up 66.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.17) earnings per share. On average, equities analysts expect that Legend Biotech will post -1.23 EPS for the current fiscal 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).