Legend Biotech (NASDAQ:LEGN) Receives “Overweight” Rating from Cantor Fitzgerald

Legend Biotech (NASDAQ:LEGN)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a report released on Monday,Benzinga reports. They presently have a $83.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 119.00% from the stock’s current price.

Several other equities analysts have also commented on the stock. HC Wainwright reiterated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday, November 13th. Redburn Atlantic initiated 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. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Monday. Finally, Scotiabank boosted their price objective 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. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $81.54.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $37.90 on Monday. The stock has a market cap of $6.95 billion, a PE ratio of -40.97 and a beta of 0.08. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $43.65 and its two-hundred day simple moving average is $47.96. Legend Biotech has a 52 week low of $36.92 and a 52 week high of $70.13.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech’s quarterly revenue was up 66.9% on a year-over-year basis. During the same period last year, the company posted ($0.17) earnings per share. As a group, analysts forecast that Legend Biotech will post -1.23 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. purchased a new stake in Legend Biotech during the third quarter worth $12,837,000. Geode Capital Management LLC lifted its stake in shares of Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech during the 3rd quarter worth $229,000. Groupama Asset Managment boosted its position in Legend Biotech by 20.2% during the third quarter. Groupama Asset Managment now owns 27,374 shares of the company’s stock valued at $1,329,000 after purchasing an additional 4,592 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Legend Biotech in the third quarter valued at about $458,000. 70.89% of the stock is owned by hedge funds and other 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).