Legend Biotech (NASDAQ:LEGN) Given New $75.00 Price Target at Cantor Fitzgerald

Legend Biotech (NASDAQ:LEGN) had its price objective lifted by Cantor Fitzgerald from $66.00 to $75.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on LEGN. JPMorgan Chase & Co. cut their price objective on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, October 9th. HC Wainwright cut their price target on shares of Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Legend Biotech in a research note on Wednesday, October 8th. Johnson Rice set a $60.00 price objective on shares of Legend Biotech in a report on Friday, October 17th. Finally, Morgan Stanley boosted their target price on Legend Biotech from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $72.10.

Legend Biotech Price Performance

NASDAQ:LEGN traded down $0.72 during mid-day trading on Thursday, hitting $30.29. The company’s stock had a trading volume of 1,348,519 shares, compared to its average volume of 1,259,498. The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30. The stock has a fifty day moving average of $32.64 and a 200-day moving average of $34.32. The company has a market capitalization of $5.59 billion, a price-to-earnings ratio of -46.60 and a beta of 0.17. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. Legend Biotech had a negative return on equity of 24.35% and a negative net margin of 26.37%.The company’s revenue was up 70.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.34) EPS. As a group, equities analysts forecast that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Clearstead Advisors LLC increased its stake in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares during the period. Rhumbline Advisers increased its position in Legend Biotech by 1.4% in the first quarter. Rhumbline Advisers now owns 28,029 shares of the company’s stock worth $951,000 after purchasing an additional 391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Legend Biotech by 1.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company’s stock worth $1,887,000 after purchasing an additional 579 shares during the period. OFI Invest Asset Management raised its holdings in Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after purchasing an additional 622 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after purchasing an additional 662 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).