Morgan Stanley Issues Pessimistic Forecast for Legend Biotech (NASDAQ:LEGN) Stock Price

Legend Biotech (NASDAQ:LEGN) had its price target decreased by Morgan Stanley from $82.00 to $80.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 109.95% from the company’s previous close.

Several other research analysts have also commented on the company. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. HC Wainwright lifted their price target on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, March 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.17.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN traded up $0.91 during midday trading on Monday, hitting $38.11. The company had a trading volume of 303,169 shares, compared to its average volume of 1,171,785. Legend Biotech has a twelve month low of $30.17 and a twelve month high of $65.45. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of -40.18 and a beta of 0.19. The business’s 50-day simple moving average is $35.68 and its 200-day simple moving average is $40.74.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LEGN. Sumitomo Mitsui Trust Group Inc. raised its holdings in Legend Biotech by 9.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock valued at $8,636,000 after acquiring an additional 14,672 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Legend Biotech by 38.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 121,377 shares of the company’s stock worth $5,915,000 after buying an additional 33,585 shares during the last quarter. Swiss National Bank increased its holdings in shares of Legend Biotech by 3.3% during the 3rd quarter. Swiss National Bank now owns 165,194 shares of the company’s stock worth $8,050,000 after buying an additional 5,200 shares during the last quarter. Avior Wealth Management LLC increased its holdings in shares of Legend Biotech by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after buying an additional 323 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Legend Biotech during the 3rd quarter worth $316,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).