Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Time to Buy?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) gapped up before the market opened on Monday . The stock had previously closed at $18.12, but opened at $21.07. Legend Biotech shares last traded at $20.8340, with a volume of 1,848,142 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on LEGN shares. Oppenheimer began coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective for the company. UBS Group dropped their price objective on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Jefferies Financial Group set a $21.00 price objective on Legend Biotech in a research report on Thursday, January 22nd. Cantor Fitzgerald lowered their target price on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Finally, TD Cowen reaffirmed a “hold” rating and set a $21.00 price target (down previously from $62.00) on shares of Legend Biotech in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus price target of $55.08.

Legend Biotech Trading Up 5.7%

The company has a market capitalization of $3.54 billion, a P/E ratio of -29.33 and a beta of 0.10. The business has a 50 day moving average price of $20.28 and a 200 day moving average price of $27.98. The company has a current ratio of 2.86, a quick ratio of 2.80 and a debt-to-equity ratio of 0.17.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently modified their holdings of the business. Clearstead Advisors LLC increased its stake in 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 last quarter. Parallel Advisors LLC increased its position in shares of Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares during the last quarter. OFI Invest Asset Management raised its holdings in Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Legend Biotech by 913.0% during the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after acquiring an additional 1,890 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Legend Biotech during the second quarter valued at approximately $78,000. 70.89% of the stock is currently owned by institutional investors.

About Legend Biotech

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.