Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Here’s Why

Legend Biotech Co. (NASDAQ:LEGN)’s share price gapped up prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Piper Sandler reissued an “overweight” rating and set a $90.00 price objective on shares of Legend Biotech in a report on Monday, June 17th. BMO Capital Markets restated an “outperform” rating and issued a $90.00 price objective on shares of Legend Biotech in a report on Wednesday, July 3rd. TD Cowen reduced their price target on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Monday, September 30th. Finally, Scotiabank raised their target price on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Fourteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Legend Biotech presently has an average rating of “Buy” and a consensus price target of $82.08.

Legend Biotech Price Performance

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

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. US Bancorp DE grew its stake in Legend Biotech by 4.5% in the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after purchasing an additional 293 shares in the last quarter. American International Group Inc. grew its stake in shares of Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after buying an additional 400 shares during the last quarter. ProShare Advisors LLC raised its position in Legend Biotech by 9.7% during the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock worth $313,000 after acquiring an additional 494 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock valued at $356,000 after acquiring an additional 527 shares during the last quarter. 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).