Legend Biotech (NASDAQ:LEGN) Trading 6.7% Higher – What’s Next?

Legend Biotech Co. (NASDAQ:LEGN) shot up 6.7% during mid-day trading on Friday . The company traded as high as $33.57 and last traded at $33.52. 648,956 shares traded hands during trading, a decline of 53% from the average session volume of 1,373,093 shares. The stock had previously closed at $31.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on LEGN shares. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, December 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Piper Sandler reissued an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $80.62.

Legend Biotech Stock Performance

The firm has a market cap of $6.00 billion, a P/E ratio of -34.58 and a beta of 0.16. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The business’s 50-day simple moving average is $36.88 and its 200 day simple moving average is $46.09.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s revenue was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) earnings per share. As a group, equities analysts predict that Legend Biotech Co. will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC grew its position in shares of Legend Biotech by 4.0% during the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after acquiring an additional 708,620 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Legend Biotech by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after purchasing an additional 314,449 shares during the period. Point72 Asset Management L.P. purchased a new stake in Legend Biotech in the second quarter worth about $13,487,000. Westfield Capital Management Co. LP raised its stake in shares of Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares during the period. Finally, Franklin Resources Inc. purchased a new position in shares of Legend Biotech during the 3rd quarter valued at about $12,837,000. Hedge funds and other institutional investors 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).