Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) Price Target at $79.00

Legend Biotech Co. (NASDAQ:LEGN) has received a consensus recommendation of “Moderate Buy” from the twelve analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $79.00.

LEGN has been the topic of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Morgan Stanley cut their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in Legend Biotech by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock worth $69,010,000 after purchasing an additional 84,405 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Legend Biotech during the fourth quarter worth about $914,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Legend Biotech during the fourth quarter worth about $776,000. Polar Asset Management Partners Inc. increased its position in Legend Biotech by 65.8% in the 4th quarter. Polar Asset Management Partners Inc. now owns 24,638 shares of the company’s stock valued at $802,000 after acquiring an additional 9,779 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new stake in Legend Biotech during the 4th quarter valued at approximately $56,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Up 2.1 %

LEGN stock opened at $35.39 on Tuesday. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $60.87. The company’s 50 day moving average price is $36.39 and its 200 day moving average price is $39.77. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of -37.25 and a beta of 0.19.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The company had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s quarterly revenue was up 134.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.40) EPS. On average, equities research analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

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).