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

Shares of Legend Biotech Co. (NASDAQ:LEGN) have received a consensus rating of “Moderate Buy” from the twelve research firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $79.00.

A number of research firms have weighed in on LEGN. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. HC Wainwright increased their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Finally, Morgan Stanley lowered their target price on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th.

Legend Biotech Stock Down 3.2 %

Shares of LEGN stock opened at $33.93 on Tuesday. 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 has a 12 month low of $30.17 and a 12 month high of $60.87. The stock has a 50 day moving average of $36.47 and a 200-day moving average of $39.40. The firm has a market cap of $6.23 billion, a PE ratio of -35.72 and a beta of 0.19.

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

Institutional Trading of Legend Biotech

Hedge funds have recently modified their holdings of the stock. Bridgewater Associates LP boosted its position in Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after buying an additional 516 shares during the last quarter. Shell Asset Management Co. lifted its stake in shares of Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after acquiring an additional 800 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Legend Biotech by 12.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock valued at $238,000 after acquiring an additional 835 shares during the last quarter. Advisors Asset Management Inc. increased its position in Legend Biotech by 14.0% in the third quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after purchasing an additional 837 shares during the period. Finally, Aigen Investment Management LP raised its holdings in Legend Biotech by 19.6% during the 4th quarter. Aigen Investment Management LP now owns 7,363 shares of the company’s stock worth $240,000 after purchasing an additional 1,206 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

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).