Legend Biotech (NASDAQ:LEGN) Trading Up 7.7% – What’s Next?

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

Analysts Set New Price Targets

A number of research firms recently weighed in on LEGN. Scotiabank raised their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price on the stock. TD Cowen reduced their price target on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, July 15th. HC Wainwright reissued a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. Fourteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Buy” and an average price target of $82.08.

Legend Biotech Stock Performance

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

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The firm’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.27) earnings per share. On average, research analysts predict that Legend Biotech Co. will post -1.48 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. Blue Trust Inc. boosted its holdings in shares of Legend Biotech by 10,075.0% in the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after purchasing an additional 806 shares in the last quarter. American International Group Inc. boosted its holdings in shares of Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after acquiring an additional 300 shares in the last quarter. AM Squared Ltd acquired a new stake in shares of Legend Biotech during the 2nd quarter valued at $71,000. California State Teachers Retirement System boosted its holdings in shares of 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 acquiring an additional 2,216 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Legend Biotech during the 1st quarter valued at $203,000. 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).