Analysts Set Legend Biotech Co. (NASDAQ:LEGN) Price Target at $82.64

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been assigned an average recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $82.64.

Several equities research analysts recently commented on the company. Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price on the stock in a report on Wednesday, April 17th. Raymond James assumed coverage on Legend Biotech in a report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 target price on the stock. Cantor Fitzgerald began coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 23rd. Finally, UBS Group raised their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $45.72 on Friday. Legend Biotech has a twelve month low of $42.08 and a twelve month high of $77.32. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of -30.89 and a beta of 0.12. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The firm’s fifty day simple moving average is $55.51 and its 200 day simple moving average is $58.97.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.30. The company had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The company’s revenue was up 177.2% compared to the same quarter last year. As a group, equities research analysts expect that Legend Biotech will post -1.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Avior Wealth Management LLC grew its position in shares of Legend Biotech by 2.5% in the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock worth $445,000 after acquiring an additional 182 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Legend Biotech by 5.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after acquiring an additional 253 shares in the last quarter. US Bancorp DE grew its position in shares of Legend Biotech by 4.5% in the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock worth $383,000 after acquiring an additional 293 shares in the last quarter. Teacher Retirement System of Texas grew its position in shares of Legend Biotech by 2.6% in the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock worth $796,000 after acquiring an additional 296 shares in the last quarter. Finally, Krane Funds Advisors LLC grew its position in shares of Legend Biotech by 2.3% in the 4th quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock worth $1,230,000 after acquiring an additional 451 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).