Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Legend Biotech Corporation has received an average consensus rating of "Buy" from ten brokerages, with a one-year price target averaging $72.3750.
• The company's most recent quarterly earnings reported a loss of ($0.34) per share, missing the consensus estimate, but revenue saw a 36.8% increase year-over-year.
• Institutional investors have significantly increased their stakes in Legend Biotech, with hedge funds now owning 70.89% of the company's stock.

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) have been given a consensus rating of "Buy" by the ten ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $72.3750.

Several brokerages have issued reports on LEGN. Morgan Stanley raised their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a report on Thursday, July 17th. UBS Group set a $54.00 target price on Legend Biotech and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Cantor Fitzgerald raised shares of Legend Biotech to a "strong-buy" rating in a research note on Monday, August 4th. Finally, 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.

Institutional Trading of Legend Biotech

A number of large investors have recently modified their holdings of LEGN. GAMMA Investing LLC increased its holdings in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after purchasing an additional 765 shares during the period. Quarry LP purchased a new stake in shares of Legend Biotech in the 1st quarter worth $48,000. GF Fund Management CO. LTD. bought a new position in shares of Legend Biotech during the 4th quarter worth $56,000. Brooklyn Investment Group increased its stake 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 valued at $59,000 after buying an additional 1,583 shares during the period. Finally, Shell Asset Management Co. raised its holdings in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after acquiring an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Up 0.1%

NASDAQ:LEGN traded up $0.03 during midday trading on Friday, hitting $35.56. 693,867 shares of the company traded hands, compared to its average volume of 1,079,669. The firm has a market capitalization of $6.53 billion, a P/E ratio of -40.41 and a beta of 0.26. The firm's fifty day moving average is $37.80 and its 200-day moving average is $35.13. Legend Biotech has a 12-month low of $27.34 and a 12-month high of $59.62. The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm had revenue of $255.06 million during the quarter, compared to analysts' expectations of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The company's revenue was up 36.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. On average, sell-side analysts predict that Legend Biotech will post -1.31 EPS 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).