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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have earned an average recommendation of “Buy” from the thirteen research firms that are presently covering the stock, Marketbeat Ratings reports. Thirteen analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have covered the stock in the last year is $81.46.

A number of equities analysts recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th. Scotiabank boosted their price target on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, November 13th. Finally, Redburn Atlantic began coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company.

Legend Biotech Stock Performance

Legend Biotech stock opened at $38.40 on Wednesday. Legend Biotech has a 52 week low of $36.92 and a 52 week high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The stock has a market cap of $7.00 billion, a P/E ratio of -40.42 and a beta of 0.11. The stock has a 50 day moving average of $45.52 and a 200-day moving average of $48.19.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm’s revenue was up 66.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.17) EPS. On average, analysts expect that Legend Biotech will post -1.23 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Several hedge funds have recently bought and sold shares of the company. US Bancorp DE raised its holdings in shares of Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after buying an additional 293 shares during the last quarter. American International Group Inc. increased its position in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after acquiring an additional 300 shares during the period. Avior Wealth Management LLC raised its stake in Legend Biotech by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after acquiring an additional 323 shares in the last quarter. Public Sector Pension Investment Board boosted its position in Legend Biotech by 1.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after acquiring an additional 400 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of Legend Biotech by 9.7% in the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock worth $313,000 after purchasing an additional 494 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

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).