Morgan Stanley Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $80.00

Legend Biotech (NASDAQ:LEGN) had its price target decreased by Morgan Stanley from $82.00 to $80.00 in a report published on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright boosted their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Piper Sandler reissued an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus target price of $79.00.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $38.08 on Monday. The stock’s 50-day simple moving average is $35.94 and its 200 day simple moving average is $40.45. The firm has a market capitalization of $6.95 billion, a PE ratio of -40.08 and a beta of 0.19. 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 has a twelve month low of $30.17 and a twelve month high of $62.78.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The firm had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business’s revenue for the quarter was up 134.6% on a year-over-year basis. During the same period last year, the firm posted ($0.40) earnings per share. On average, analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Avior Wealth Management LLC grew its stake in shares of Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after acquiring an additional 323 shares during the last quarter. Bridgewater Associates LP grew its holdings in Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after buying an additional 516 shares in the last quarter. Shell Asset Management Co. raised its position in shares of Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after buying an additional 800 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Legend Biotech by 12.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock worth $238,000 after buying an additional 835 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in shares of Legend Biotech by 14.0% during the third quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock valued at $332,000 after buying an additional 837 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

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).