Legend Biotech Co. (NASDAQ:LEGN) Receives Average Recommendation of “Buy” from Brokerages

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given an average recommendation of “Buy” by the thirteen brokerages that are covering the company, Marketbeat reports. Thirteen investment analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $81.67.

Several analysts have weighed in on LEGN shares. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Legend Biotech in a research report on Monday, June 17th. Cantor Fitzgerald began coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Tuesday, June 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Friday, June 21st. Finally, Truist Financial began coverage on shares of Legend Biotech in a report on Monday, June 17th. They set a “buy” rating and a $88.00 target price for the company.

Legend Biotech Stock Performance

Legend Biotech stock opened at $44.29 on Friday. The stock’s 50 day simple moving average is $43.79 and its two-hundred day simple moving average is $53.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 5.57 and a current ratio of 5.66. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of -34.07 and a beta of 0.09. Legend Biotech has a fifty-two week low of $38.60 and a fifty-two week high of $77.32.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13. The business had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The business’s revenue was up 158.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.40) EPS. As a group, analysts expect that Legend Biotech will post -1.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently added to or reduced their stakes in LEGN. Quarry LP purchased a new position in Legend Biotech in the 4th quarter worth approximately $45,000. American International Group Inc. raised its holdings in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Legend Biotech by 53.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock valued at $91,000 after buying an additional 472 shares during the last quarter. Barometer Capital Management Inc. purchased a new stake in Legend Biotech during the 4th quarter valued at $120,000. Finally, California State Teachers Retirement System raised its stake in Legend Biotech by 196.3% during the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after buying an additional 2,216 shares during the last quarter. 70.89% of the stock is currently 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).