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

Legend Biotech Co. (NASDAQ:LEGN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $43.45, but opened at $45.38. Legend Biotech shares last traded at $44.74, with a volume of 601,786 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Wednesday, October 16th. Scotiabank raised their price target 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. TD Cowen dropped their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, July 15th. BMO Capital Markets restated an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research report on Wednesday, July 3rd. Finally, 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 target for the company. Fourteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $82.08.

Legend Biotech Price Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The company has a market cap of $8.02 billion, a price-to-earnings ratio of -34.42 and a beta of 0.10. The business has a fifty day moving average price of $51.18 and a 200 day moving average price of $49.18.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The firm’s revenue was up 154.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.27) EPS. As a group, research analysts anticipate that Legend Biotech Co. will post -1.51 earnings per share for the current year.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. raised its position in Legend Biotech by 10,075.0% during 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 last quarter. American International Group Inc. increased 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 during the period. AM Squared Ltd bought a new position in shares of Legend Biotech during the second quarter worth about $71,000. California State Teachers Retirement System boosted its holdings in Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after acquiring an additional 2,216 shares during the last quarter. Finally, BNP Paribas bought a new stake in Legend Biotech in the first quarter valued at approximately $199,000. 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).