Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) PT at $81.54

Shares of Legend Biotech Co. (NASDAQ:LEGN) have received an average recommendation of “Buy” from the thirteen research firms that are covering the firm, MarketBeat.com reports. Thirteen analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $81.54.

Several research firms recently commented on LEGN. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reissued a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Tuesday, December 10th. Finally, 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 for the company.

Legend Biotech Stock Performance

Legend Biotech stock opened at $34.68 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm has a market capitalization of $6.33 billion, a P/E ratio of -36.51 and a beta of 0.08. Legend Biotech has a 1-year low of $32.66 and a 1-year high of $70.13. The company’s 50-day moving average is $42.08 and its 200 day moving average is $47.69.

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

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC raised its stake in shares of Legend Biotech by 4.0% during the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after buying an additional 708,620 shares during the last quarter. Westfield Capital Management Co. LP raised its position in Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after acquiring an additional 266,296 shares in the last quarter. Massachusetts Financial Services Co. MA lifted 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 valued at $110,868,000 after acquiring an additional 314,449 shares during the period. Federated Hermes Inc. boosted its position in Legend Biotech by 0.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company’s stock worth $68,266,000 after purchasing an additional 4,285 shares in the last quarter. Finally, State Street Corp boosted its position in Legend Biotech by 0.4% in the 3rd quarter. State Street Corp now owns 1,140,222 shares of the company’s stock worth $55,563,000 after purchasing an additional 4,735 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).