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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have earned an average rating of “Buy” from the thirteen brokerages that are currently covering the company, Marketbeat.com reports. Thirteen investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $80.62.

A number of brokerages recently weighed in on LEGN. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Redburn Atlantic started coverage on Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Tuesday, December 10th.

Institutional Trading of Legend Biotech

Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its position in Legend Biotech by 4.0% in the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after purchasing an additional 708,620 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Legend Biotech by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after buying an additional 314,449 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Legend Biotech during the second quarter valued at approximately $13,487,000. Westfield Capital Management Co. LP grew its position in Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after acquiring an additional 266,296 shares in the last quarter. Finally, Franklin Resources Inc. bought a new stake in Legend Biotech in the third quarter worth approximately $12,837,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Down 2.4 %

NASDAQ:LEGN opened at $32.77 on Thursday. The stock has a 50-day simple moving average of $38.21 and a 200 day simple moving average of $46.60. Legend Biotech has a one year low of $32.08 and a one year high of $70.13. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of -34.49 and a beta of 0.16. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. During the same quarter last year, the firm earned ($0.17) EPS. The business’s revenue was up 66.9% on a year-over-year basis. Sell-side analysts predict that Legend Biotech will post -1.23 EPS 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).