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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have earned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $76.20.

A number of equities research analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Wednesday, April 16th. Guggenheim restated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Truist Financial decreased their target price on Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. Finally, Morgan Stanley decreased their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th.

Hedge Funds Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the stock. Exane Asset Management acquired a new stake in shares of Legend Biotech in the fourth quarter valued at $2,284,000. Asset Management One Co. Ltd. lifted its holdings in shares of Legend Biotech by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company’s stock valued at $360,000 after purchasing an additional 2,297 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Legend Biotech by 196.1% in the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company’s stock valued at $1,929,000 after purchasing an additional 39,256 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Legend Biotech during the 4th quarter valued at approximately $914,000. Finally, Empire Life Investments Inc. raised its stake in Legend Biotech by 38.5% during the 4th quarter. Empire Life Investments Inc. now owns 136,731 shares of the company’s stock valued at $4,449,000 after acquiring an additional 38,043 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Legend Biotech stock opened at $36.83 on Friday. The business has a 50 day moving average of $31.96 and a 200-day moving average of $34.43. Legend Biotech has a 1 year low of $27.34 and a 1 year high of $60.87. 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 company has a market capitalization of $6.77 billion, a P/E ratio of -38.77 and a beta of 0.13.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. During the same quarter last year, the firm posted ($0.16) EPS. The company’s quarterly revenue was up 107.8% on a year-over-year basis. On average, equities research analysts predict that Legend Biotech will post -1.31 earnings per share for the current 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).