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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given an average recommendation of “Buy” by the fourteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Fourteen equities research analysts have rated the stock with a buy rating. The average 12-month target price among brokerages that have covered the stock in the last year is $82.08.

A number of brokerages have commented on LEGN. Scotiabank upped their price target 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. BMO Capital Markets reaffirmed an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. HC Wainwright reissued a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Wednesday, October 16th. TD Cowen reduced their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Finally, Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock.

Legend Biotech Stock Up 1.5 %

Shares of LEGN opened at $44.74 on Friday. The company has a market capitalization of $8.16 billion, a PE ratio of -34.42 and a beta of 0.10. The stock’s 50-day moving average price is $50.25 and its two-hundred day moving average price is $48.97. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $70.13.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same period in the previous year, the firm earned ($0.27) earnings per share. The firm’s quarterly revenue was up 154.4% on a year-over-year basis. On average, analysts anticipate that Legend Biotech will post -1.48 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. increased its stake in Legend Biotech by 63.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,711 shares of the company’s stock valued at $766,000 after buying an additional 6,114 shares during the last quarter. abrdn plc lifted its holdings in Legend Biotech by 110.4% during the third quarter. abrdn plc now owns 33,729 shares of the company’s stock worth $1,628,000 after acquiring an additional 17,696 shares during the period. Diversified Trust Co purchased a new position in Legend Biotech in the third quarter worth $1,730,000. Handelsbanken Fonder AB grew its stake in Legend Biotech by 7.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 50,500 shares of the company’s stock valued at $2,461,000 after purchasing an additional 3,600 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Legend Biotech during the 3rd quarter valued at $212,000. 70.89% of the stock is currently owned by institutional investors.

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).