Legend Biotech (NASDAQ:LEGN) Stock Price Up 6.7% – Should You Buy?

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 mid-day 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 Analyst Weigh In

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

Legend Biotech Price Performance

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

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period last year, the company earned ($0.17) earnings per share. Legend Biotech’s revenue was up 66.9% on a year-over-year basis. On average, analysts expect that Legend Biotech Co. will post -1.24 earnings per share for the current year.

Institutional Trading of Legend Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Legend Biotech by 4.0% during the third 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 period. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after acquiring an additional 266,296 shares during the period. Massachusetts Financial Services Co. MA grew its position in Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after acquiring an additional 314,449 shares during the last quarter. State Street Corp increased its stake in Legend Biotech by 0.4% in the third quarter. State Street Corp now owns 1,140,222 shares of the company’s stock worth $55,563,000 after purchasing an additional 4,735 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Legend Biotech by 3.6% during the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other 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).