Cantor Fitzgerald Initiates Coverage on Legend Biotech (NASDAQ:LEGN)

Key Points

• Cantor Fitzgerald has initiated coverage on Legend Biotech (NASDAQ:LEGN) with an "overweight" rating and a price target of $40.00, indicating a potential upside of 27.23% from the previous close.
• Legend Biotech's recent quarterly earnings report showed a net loss of ($0.34) EPS, missing analyst estimates, but revenues were up 36.8% year-over-year at $255.06 million.
• Ten investment analysts currently rate Legend Biotech as a "Buy," with a consensus target price of $71.33.

Stock analysts at Cantor Fitzgerald started coverage on shares of Legend Biotech (NASDAQ:LEGN - Get Free Report) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm set an "overweight" rating and a $40.00 price target on the stock. Cantor Fitzgerald's price objective would suggest a potential upside of 27.23% from the company's previous close.

Other analysts also recently issued reports about the stock. Royal Bank Of Canada restated an "outperform" rating and set a $77.00 target price (up from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. UBS Group set a $54.00 target price on shares of Legend Biotech and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Johnson Rice reiterated a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. HC Wainwright restated a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. increased their price target on Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research report on Monday, August 25th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Legend Biotech has an average rating of "Moderate Buy" and a consensus target price of $71.33.

Legend Biotech Stock Down 1.9%

Shares of NASDAQ LEGN opened at $31.44 on Tuesday. The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $5.80 billion, a PE ratio of -35.73 and a beta of 0.23. The firm's 50-day moving average is $35.29 and its 200-day moving average is $34.54. Legend Biotech has a 1 year low of $27.34 and a 1 year high of $51.77.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.12). Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The company had revenue of $255.06 million during the quarter, compared to the consensus estimate of $237.49 million. During the same quarter in the prior year, the company posted ($0.05) EPS. The company's revenue for the quarter was up 36.8% compared to the same quarter last year. Equities analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after purchasing an additional 765 shares during the last quarter. Quarry LP bought a new position in shares of Legend Biotech during the first quarter valued at $48,000. Brooklyn Investment Group lifted its holdings in shares of Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after purchasing an additional 1,583 shares during the period. GF Fund Management CO. LTD. increased its holdings in Legend Biotech by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock valued at $71,000 after purchasing an additional 377 shares during the period. Finally, Hantz Financial Services Inc. lifted its holdings in Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company's stock worth $74,000 after buying an additional 1,890 shares during the period. Institutional investors and hedge funds 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).

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