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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have earned an average rating of “Buy” from the thirteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Thirteen investment analysts have rated the stock with a buy recommendation. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $81.78.

LEGN has been the subject of a number of recent analyst reports. BMO Capital Markets reissued an “outperform” rating and issued a $90.00 target price on shares of Legend Biotech in a research report on Wednesday, July 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a report on Friday. Truist Financial began coverage on shares of Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 price objective on the stock. Scotiabank lifted their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research note on Monday.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after acquiring an additional 962,381 shares in the last quarter. RA Capital Management L.P. lifted its holdings in Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Altitude Crest Partners Inc. bought a new position in shares of Legend Biotech in the fourth quarter worth approximately $32,601,000. Westfield Capital Management Co. LP increased its stake in shares of Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock worth $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Finally, Capital International Investors raised its position in shares of Legend Biotech by 19.5% during the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after purchasing an additional 356,387 shares during the period. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN opened at $48.73 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 capitalization of $8.88 billion, a P/E ratio of -37.48 and a beta of 0.11. The firm has a 50 day moving average of $53.97 and a 200 day moving average of $50.35. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. The business had revenue of $186.50 million during the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.27) EPS. As a group, equities research analysts anticipate that Legend Biotech will post -1.46 earnings per share for the current fiscal year.

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).