Analysts Set Legend Biotech Co. (NASDAQ:LEGN) Target Price at $81.54

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given an average recommendation of “Buy” by the thirteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Thirteen equities research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $81.54.

LEGN has been the topic of a number of recent analyst reports. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research note on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LEGN. FMR LLC boosted 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 purchasing an additional 708,620 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 worth $110,868,000 after buying an additional 314,449 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Legend Biotech in the second quarter valued at about $13,487,000. Westfield Capital Management Co. LP grew 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 valued at $245,526,000 after acquiring an additional 266,296 shares in the last quarter. Finally, Franklin Resources Inc. bought a new position in Legend Biotech during the third quarter worth about $12,837,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Trading Up 0.2 %

Shares of NASDAQ:LEGN opened at $34.08 on Friday. The company has a 50 day moving average of $41.14 and a 200-day moving average of $47.50. 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 market cap of $6.22 billion, a P/E ratio of -35.87 and a beta of 0.08. Legend Biotech has a twelve month low of $32.50 and a twelve month high of $70.13.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s quarterly revenue was up 66.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.17) earnings per share. As a group, analysts anticipate that Legend Biotech will post -1.23 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).