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

Legend Biotech Co. (NASDAQ:LEGN) has been given a consensus rating of “Buy” by the thirteen analysts that are covering the company, MarketBeat Ratings reports. Thirteen analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $81.67.

A number of analysts recently commented on the company. UBS Group boosted their target price on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Cantor Fitzgerald assumed coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, June 4th. Raymond James assumed coverage on Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Legend Biotech in a report on Thursday, May 23rd. They set a “buy” rating and a $60.00 price objective for the company.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Legend Biotech by 1.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after buying an additional 140,904 shares during the last quarter. RA Capital Management L.P. boosted its stake in shares of Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after buying an additional 596,390 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after buying an additional 962,381 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Legend Biotech by 26.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock worth $125,629,000 after buying an additional 463,527 shares during the last quarter. Finally, Capital International Investors boosted its stake in shares of Legend Biotech by 19.5% in the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after buying an additional 356,387 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

LEGN stock opened at $44.29 on Friday. The stock has a 50-day moving average price of $43.79 and a 200-day moving average price of $53.75. Legend Biotech has a 1-year low of $38.60 and a 1-year high of $77.32. The company has a current ratio of 5.66, a quick ratio of 5.57 and a debt-to-equity ratio of 0.25. The firm has a market cap of $8.07 billion, a PE ratio of -34.07 and a beta of 0.09.

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, topping the consensus estimate of ($0.29) by $0.13. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The firm had revenue of $93.90 million during the quarter, compared to analyst estimates of $143.24 million. During the same period last year, the company posted ($0.40) EPS. The business’s quarterly revenue was up 158.7% on a year-over-year basis. As a group, equities research analysts expect that Legend Biotech will post -1.93 earnings per share for the current year.

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).