Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) Price Target at $81.46

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been assigned an average rating of “Buy” from the thirteen research firms that are presently covering the firm, MarketBeat Ratings reports. Thirteen investment analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued a report on the stock in the last year is $81.46.

Several research analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, November 13th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective for the company. Scotiabank raised their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of Legend Biotech by 10,075.0% in the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after purchasing an additional 806 shares during the period. American International Group Inc. raised its holdings in 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 during the period. AM Squared Ltd acquired a new position in Legend Biotech during the second quarter valued at approximately $71,000. Quantbot Technologies LP purchased a new stake in Legend Biotech during the third quarter worth approximately $148,000. Finally, California State Teachers Retirement System increased its position in shares of Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after acquiring an additional 2,216 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Trading Down 0.3 %

Shares of LEGN opened at $42.58 on Wednesday. Legend Biotech has a 1-year low of $36.92 and a 1-year high of $70.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm has a 50 day simple moving average of $44.58 and a 200-day simple moving average of $48.05. The stock has a market cap of $7.81 billion, a price-to-earnings ratio of -44.82 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same quarter last year, the business posted ($0.17) earnings per share. Legend Biotech’s revenue was up 66.9% compared to the same quarter last year. Equities analysts forecast that Legend Biotech will post -1.23 EPS for the current fiscal year.

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).