Morgan Stanley Has Lowered Expectations for Legend Biotech (NASDAQ:LEGN) Stock Price

Legend Biotech (NASDAQ:LEGN) had its price objective reduced by analysts at Morgan Stanley from $82.00 to $80.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 111.19% from the company’s current price.

LEGN has been the subject of several other research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright increased their price objective on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Royal Bank of Canada reissued 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 restated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Finally, Guggenheim restated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Legend Biotech Stock Down 0.2 %

Shares of NASDAQ:LEGN opened at $37.88 on Monday. The company has a 50 day moving average price of $35.83 and a two-hundred day moving average price of $40.47. 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 has a 52 week low of $30.17 and a 52 week high of $64.28. The company has a market capitalization of $6.92 billion, a PE ratio of -39.87 and a beta of 0.19.

Legend Biotech (NASDAQ:LEGN) last issued 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 the consensus estimate of $179.00 million. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. The firm’s revenue was up 134.6% compared to the same quarter last year. Analysts forecast that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Trading of Legend Biotech

A number of large investors have recently added to or reduced their stakes in LEGN. Suvretta Capital Management LLC acquired a new stake in Legend Biotech in the fourth quarter valued at $113,767,000. Deerfield Management Company L.P. Series C acquired a new stake in Legend Biotech in the fourth quarter valued at $50,493,000. Braidwell LP lifted its stake in Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock valued at $96,903,000 after acquiring an additional 1,436,400 shares during the last quarter. Invesco Ltd. lifted its stake in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after acquiring an additional 1,022,365 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its stake in Legend Biotech by 155.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock valued at $48,991,000 after acquiring an additional 915,891 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).