Legend Biotech Co. (NASDAQ:LEGN) Receives $76.20 Average Price Target from Analysts

Shares of Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eleven analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $76.20.

A number of research firms have recently weighed in on LEGN. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Truist Financial reduced their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Royal Bank of Canada restated an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a research note on Tuesday, April 22nd. Cantor Fitzgerald reiterated an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. Finally, Morgan Stanley cut their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th.

Legend Biotech Price Performance

Legend Biotech stock traded down $1.05 during trading hours on Friday, reaching $36.59. 1,989,896 shares of the stock were exchanged, compared to its average volume of 1,322,852. The company has a market cap of $6.72 billion, a P/E ratio of -38.52 and a beta of 0.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech has a twelve month low of $27.34 and a twelve month high of $60.87. The stock has a 50 day moving average of $31.69 and a two-hundred day moving average of $34.57.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.33. The firm had revenue of $195.05 million for the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business's revenue for the quarter was up 107.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.16) earnings per share. Equities analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP raised its holdings in Legend Biotech by 21.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after purchasing an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC bought a new stake in shares of Legend Biotech in the 4th quarter valued at $113,767,000. Invesco Ltd. increased its stake in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after acquiring an additional 1,022,365 shares in the last quarter. Braidwell LP increased its stake in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after acquiring an additional 1,436,400 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock valued at $77,030,000 after acquiring an additional 6,708 shares in the last quarter. 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).