Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Time to Buy?

Legend Biotech Co. (NASDAQ:LEGN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $34.67, but opened at $36.75. Legend Biotech shares last traded at $36.87, with a volume of 487,249 shares changing hands.

Analyst Ratings Changes

Several brokerages have commented on LEGN. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright reissued a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Tuesday. Piper Sandler restated an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Finally, Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $80.62.

Legend Biotech Stock Performance

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 capitalization of $6.88 billion, a P/E ratio of -39.67 and a beta of 0.16. The business’s 50 day simple moving average is $36.39 and its two-hundred day simple moving average is $45.72.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly 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 company had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.17) earnings per share. Sell-side analysts anticipate that Legend Biotech Co. will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. grew its stake in shares of Legend Biotech by 10.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company’s stock valued at $564,000 after purchasing an additional 1,609 shares during the period. Matthews International Capital Management LLC grew its position in Legend Biotech by 14.9% during the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock valued at $38,577,000 after buying an additional 153,665 shares during the period. Blue Trust Inc. increased its holdings in 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. SG Americas Securities LLC raised its position in Legend Biotech by 276.5% in the fourth quarter. SG Americas Securities LLC now owns 16,417 shares of the company’s stock worth $534,000 after acquiring an additional 12,057 shares during the period. Finally, Diversified Trust Co boosted its stake in shares of Legend Biotech by 27.6% during the 4th quarter. Diversified Trust Co now owns 45,288 shares of the company’s stock worth $1,474,000 after acquiring an additional 9,784 shares during the last quarter. Hedge funds and other 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).