Legend Biotech Co. (NASDAQ:LEGN) Given Consensus Rating of “Buy” by Analysts

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been assigned a consensus recommendation of “Buy” from the thirteen research firms that are covering the firm, Marketbeat Ratings reports. Thirteen equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $81.54.

Several equities research analysts have issued reports on the company. Redburn Atlantic assumed coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Tuesday, December 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th.

Legend Biotech Stock Performance

Legend Biotech stock opened at $35.12 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech has a one year low of $34.95 and a one year high of $70.13. The stock’s 50 day moving average price is $42.68 and its 200 day moving average price is $47.76. The firm has a market capitalization of $6.41 billion, a PE ratio of -36.97 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same period in the prior year, the company posted ($0.17) EPS. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis. As a group, sell-side analysts expect that Legend Biotech will post -1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors have recently made changes to their positions in the stock. Westfield Capital Management Co. LP lifted its holdings in shares of Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after purchasing an additional 266,296 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Legend Biotech by 9.9% during the second quarter. Hsbc Holdings PLC now owns 232,560 shares of the company’s stock valued at $10,296,000 after acquiring an additional 20,910 shares during the period. Empire Life Investments Inc. boosted its holdings in shares of Legend Biotech by 75.2% during the third quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock valued at $4,809,000 after acquiring an additional 42,368 shares during the period. Vestal Point Capital LP bought a new position in shares of Legend Biotech during the third quarter worth about $6,091,000. Finally, XTX Topco Ltd bought a new stake in Legend Biotech in the 3rd quarter valued at about $1,840,000. 70.89% of the stock is owned by institutional investors.

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).