Legend Biotech Co. (NASDAQ:LEGN) Receives $79.00 Consensus PT from Analysts

Legend Biotech Co. (NASDAQ:LEGN) has earned an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $79.00.

A number of equities analysts have recently weighed in on the stock. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright boosted their price objective on shares of Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, March 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th.

Legend Biotech Stock Down 3.2 %

NASDAQ:LEGN opened at $33.93 on Tuesday. The stock’s fifty day simple moving average is $36.47 and its 200-day simple moving average is $39.40. The firm has a market capitalization of $6.23 billion, a P/E ratio of -35.72 and a beta of 0.19. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech has a 12-month low of $30.17 and a 12-month high of $60.87.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech’s revenue for the quarter was up 134.6% on a year-over-year basis. During the same period last year, the company posted ($0.40) EPS. Equities research analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently modified their holdings of the stock. FMR LLC grew its stake in Legend Biotech by 4.0% in the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after buying an additional 708,620 shares during the last quarter. Suvretta Capital Management LLC bought a new stake in shares of Legend Biotech during the fourth quarter worth approximately $113,767,000. Invesco Ltd. grew its position in shares of Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the last quarter. Braidwell LP increased its stake in shares of Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after purchasing an additional 1,436,400 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Legend Biotech by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock worth $69,010,000 after purchasing an additional 84,405 shares during the last quarter. 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).