Legend Biotech (NASDAQ:LEGN) Trading Up 7.7% – Time to Buy?

Legend Biotech Co. (NASDAQ:LEGN) rose 7.7% during mid-day trading on Tuesday . The company traded as high as $47.79 and last traded at $46.98. Approximately 814,280 shares traded hands during trading, a decline of 23% from the average daily volume of 1,057,632 shares. The stock had previously closed at $43.61.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on LEGN shares. HC Wainwright reiterated a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research note on Wednesday, October 16th. Scotiabank lifted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. TD Cowen dropped their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th. Fourteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Legend Biotech currently has an average rating of “Buy” and a consensus price target of $82.08.

Legend Biotech Stock Up 3.6 %

The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. The company has a market cap of $8.23 billion, a price-to-earnings ratio of -59.79 and a beta of 0.11. The stock has a 50-day simple moving average of $48.77 and a 200-day simple moving average of $48.60.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same quarter in the previous year, the business earned ($0.27) earnings per share. The firm’s revenue was up 154.4% compared to the same quarter last year. As a group, analysts predict that Legend Biotech Co. will post -1.48 EPS for the current year.

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE lifted its position in shares of Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock worth $383,000 after purchasing an additional 293 shares in the last quarter. American International Group Inc. lifted its holdings in Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares during the period. Public Sector Pension Investment Board lifted its holdings in Legend Biotech by 1.6% in the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after buying an additional 400 shares during the period. ProShare Advisors LLC lifted its holdings in Legend Biotech by 9.7% in the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after buying an additional 494 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock valued at $356,000 after buying an additional 527 shares during the period. Institutional investors own 70.89% of the company’s stock.

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).