Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Consensus Recommendation of "Moderate Buy" from 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 received a consensus rating of "Moderate Buy" from the eleven brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $74.2222.

A number of research analysts have weighed in on LEGN shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $77.00 price objective (up previously from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research note on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of Legend Biotech from $77.00 to $78.00 and gave the stock an "overweight" rating in a research note on Monday. Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Finally, UBS Group set a $54.00 price target on shares of Legend Biotech and gave the stock a "buy" rating in a research note on Wednesday, July 2nd.

Legend Biotech Price Performance

LEGN stock traded down $0.36 during trading on Friday, hitting $34.72. 945,430 shares of the company's stock traded hands, compared to its average volume of 1,072,626. Legend Biotech has a 52 week low of $27.34 and a 52 week high of $59.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71. The business has a fifty day simple moving average of $37.78 and a 200 day simple moving average of $35.11. The stock has a market capitalization of $6.38 billion, a price-to-earnings ratio of -39.45 and a beta of 0.26.

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 the consensus estimate 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 business had revenue of $255.06 million for the quarter, compared to the consensus estimate of $237.49 million. During the same quarter last year, the business earned ($0.05) EPS. Legend Biotech's revenue for the quarter was up 36.8% compared to the same quarter last year. As a group, research analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of large investors have recently made changes to their positions in LEGN. First Trust Advisors LP increased its stake in Legend Biotech by 76.3% in the 4th quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock worth $673,000 after buying an additional 8,948 shares during the period. Tower Research Capital LLC TRC increased its stake in Legend Biotech by 355.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock worth $146,000 after buying an additional 3,496 shares during the period. Stifel Financial Corp increased its stake in Legend Biotech by 70.4% in the 4th quarter. Stifel Financial Corp now owns 31,365 shares of the company's stock worth $1,021,000 after buying an additional 12,955 shares during the period. Virtus ETF Advisers LLC increased its stake in Legend Biotech by 30.6% in the 4th quarter. Virtus ETF Advisers LLC now owns 9,852 shares of the company's stock worth $321,000 after buying an additional 2,310 shares during the period. Finally, Decheng Capital LLC increased its stake in Legend Biotech by 41.5% in the 4th quarter. Decheng Capital LLC now owns 153,558 shares of the company's stock worth $4,997,000 after buying an additional 45,000 shares during the period. 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).