Legend Biotech (NASDAQ:LEGN) Given Neutral Rating at Guggenheim

Guggenheim reaffirmed their neutral rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Wednesday morning,Benzinga reports.

Several other brokerages also recently weighed in on LEGN. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright upped their target price on shares of Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Piper Sandler restated an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and an average price target of $79.09.

Legend Biotech Price Performance

Legend Biotech stock opened at $37.20 on Wednesday. Legend Biotech has a 52-week low of $30.17 and a 52-week high of $69.17. The firm has a fifty day moving average of $35.68 and a 200-day moving average of $40.97. The firm has a market capitalization of $6.79 billion, a P/E ratio of -39.16 and a beta of 0.19. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same quarter in the prior year, the business earned ($0.40) earnings per share. The business’s quarterly revenue was up 134.6% compared to the same quarter last year. As a group, analysts predict that Legend Biotech will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. FMR LLC lifted its position in shares of 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 buying an additional 708,620 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares during the last quarter. Suvretta Capital Management LLC bought a new position in shares of Legend Biotech in the 4th quarter worth about $113,767,000. Invesco Ltd. lifted its position in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock worth $107,706,000 after buying an additional 1,022,365 shares during the last quarter. Finally, Braidwell LP lifted its position in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after buying an additional 1,436,400 shares during 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).