Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Still a Buy?

Shares of Legend Biotech Co. (NASDAQ:LEGN) gapped up before the market opened on Tuesday . The stock had previously closed at $49.68, but opened at $51.77. Legend Biotech shares last traded at $46.24, with a volume of 583,948 shares trading hands.

Analysts Set New Price Targets

LEGN has been the subject of several recent analyst reports. Truist Financial assumed coverage on shares of Legend Biotech in a report on Monday, June 17th. They set a “buy” rating and a $88.00 price objective for the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a research report on Wednesday, July 3rd. 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 Friday, September 27th. Redburn Atlantic initiated coverage on Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price on the stock. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Legend Biotech in a research report on Monday, June 17th. Fourteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Buy” and an average price target of $82.08.

Legend Biotech Price Performance

The stock has a market cap of $8.32 billion, a price-to-earnings ratio of -35.80 and a beta of 0.10. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average is $52.40 and its 200-day moving average is $49.62.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.49. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. Legend Biotech’s quarterly revenue was up 154.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.27) EPS. Equities research analysts expect that Legend Biotech Co. will post -1.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently bought and sold shares of LEGN. Wellington Management Group LLP increased its position in Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after acquiring an additional 962,381 shares in the last quarter. RA Capital Management L.P. grew its stake in shares of Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Capital International Investors raised its position in Legend Biotech by 19.5% in the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after purchasing an additional 356,387 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Legend Biotech during the 2nd quarter worth $13,487,000. 70.89% of the stock is currently 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).