Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Legend Biotech Corporation has been rated as a "Moderate Buy" by analysts, with one sell, one hold, and nine buy recommendations.
• The company's average twelve-month target price stands at $69.25, with price targets ranging from $40 to $83 issued by various brokerages.
• Legend Biotech reported a revenue of $255.06 million for its latest quarter, exceeding analyst expectations, but had a negative earnings per share of ($0.34).

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) has received an average recommendation of "Moderate Buy" from the eleven analysts that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $69.25.

Several research firms have weighed in on LEGN. Morgan Stanley raised their price target on Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Legend Biotech in a report on Wednesday. Cantor Fitzgerald began coverage on Legend Biotech in a report on Tuesday. They set an "overweight" rating and a $40.00 price target for the company. UBS Group set a $54.00 price target on Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $31.70 on Friday. The stock has a market capitalization of $5.85 billion, a PE ratio of -36.02 and a beta of 0.23. The business has a 50 day simple moving average of $34.66 and a two-hundred day simple moving average of $34.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. 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 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 for 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 business's quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.05) EPS. On average, research analysts predict that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. lifted its stake in shares of Legend Biotech by 22.0% in the 1st 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 last quarter. Rhumbline Advisers lifted its stake in shares of Legend Biotech by 1.4% in the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock valued at $951,000 after purchasing an additional 391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Legend Biotech by 1.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company's stock valued at $1,887,000 after purchasing an additional 579 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Legend Biotech by 145.4% in 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. Finally, Diversified Trust Co lifted its stake in shares of Legend Biotech by 1.9% in the 1st quarter. Diversified Trust Co now owns 46,151 shares of the company's stock valued at $1,566,000 after purchasing an additional 863 shares during the last quarter. 70.89% of the stock is owned by 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.