Legend Biotech Co. (NASDAQ:LEGN) Given Consensus Recommendation of “Buy” by Brokerages

Legend Biotech Co. (NASDAQ:LEGN) has been assigned a consensus rating of “Buy” from the thirteen analysts that are covering the company, Marketbeat.com reports. Thirteen analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have covered the stock in the last year is $80.62.

LEGN has been the topic of several recent analyst reports. Piper Sandler restated an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Tuesday, December 10th. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $32.50 on Thursday. Legend Biotech has a 12 month low of $30.17 and a 12 month high of $70.13. The company’s fifty day simple moving average is $37.53 and its 200-day simple moving average is $46.39. The firm has a market cap of $5.94 billion, a PE ratio of -34.21 and a beta of 0.16. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) EPS. Equities research analysts expect that Legend Biotech will post -1.23 EPS 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 the stock. Avior Wealth Management LLC increased its stake in Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after acquiring an additional 323 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after purchasing an additional 400 shares during the last quarter. Bridgewater Associates LP raised its holdings in shares of Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock worth $8,088,000 after buying an additional 516 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Legend Biotech by 1.5% during the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after buying an additional 702 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of Legend Biotech by 14.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after buying an additional 837 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

About Legend Biotech

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).