Guggenheim Reiterates “Neutral” Rating for Legend Biotech (NASDAQ:LEGN)

Guggenheim reissued their neutral rating on shares of Legend Biotech (NASDAQ:LEGN) in a report published on Wednesday morning,Benzinga reports.

Other research analysts have also issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright increased their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $79.67.

Legend Biotech Price Performance

LEGN stock opened at $38.24 on Wednesday. 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 business has a 50 day simple moving average of $35.59 and a 200-day simple moving average of $41.12. The firm has a market capitalization of $6.98 billion, a PE ratio of -40.25 and a beta of 0.19. Legend Biotech has a 1 year low of $30.17 and a 1 year high of $69.24.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The business had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business’s revenue was up 134.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.40) earnings per share. Equities research analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Signaturefd LLC raised its stake in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after acquiring an additional 1,579 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Legend Biotech in the fourth quarter valued at $56,000. Shell Asset Management Co. raised its stake in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after acquiring an additional 800 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Legend Biotech in the fourth quarter valued at $77,000. Finally, Quadrant Capital Group LLC raised its stake in shares of Legend Biotech by 4,296.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock valued at $124,000 after acquiring an additional 3,738 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).