Legend Biotech Co. (NASDAQ:LEGN) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Legend Biotech Co. (NASDAQ:LEGN) have received a consensus rating of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $78.82.

LEGN has been the subject of a number of research reports. Morgan Stanley cut their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $84.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Wednesday, April 16th.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Exane Asset Management bought a new position in Legend Biotech in the 4th quarter worth $2,284,000. Matthews International Capital Management LLC increased its stake in shares of Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after acquiring an additional 153,665 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Legend Biotech by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company’s stock worth $360,000 after acquiring an additional 2,297 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Legend Biotech by 196.1% in the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company’s stock worth $1,929,000 after acquiring an additional 39,256 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Legend Biotech by 1,513.3% during the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock valued at $190,000 after buying an additional 5,478 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Price Performance

LEGN stock opened at $31.08 on Wednesday. The firm has a 50 day moving average of $33.94 and a 200-day moving average of $36.15. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech has a 12 month low of $29.27 and a 12 month high of $60.87. The firm has a market capitalization of $5.71 billion, a P/E ratio of -32.72 and a beta of 0.20.

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

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).