Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $73.33 Average PT from Brokerages

Key Points

• Legend Biotech Corporation (NASDAQ:LEGN) has received a consensus rating of "Moderate Buy" from analysts, with one rating a hold and ten assigning buy ratings.
• The average target price for Legend Biotech's shares among analysts is $73.33, with varying price objectives issued by different investment firms.
• Institutional investors currently hold 70.89% of Legend Biotech's stock, with significant increases in holdings from several hedge funds in the recent quarter.

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eleven brokerages that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $73.33.

Several equities analysts recently weighed in on LEGN shares. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a report on Wednesday, May 14th. Morgan Stanley restated an "overweight" rating and issued a $81.00 target price (up previously from $80.00) on shares of Legend Biotech in a research note on Thursday, July 10th. HC Wainwright reiterated a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a research report on Thursday, July 17th. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently bought and sold shares of LEGN. GF Fund Management CO. LTD. raised its stake in shares of Legend Biotech by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock worth $71,000 after buying an additional 377 shares during the period. Rhumbline Advisers lifted its stake in shares of Legend Biotech by 1.4% during the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock worth $951,000 after purchasing an additional 391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position 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 position in Legend Biotech by 145.4% during the first 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 period. Finally, Shell Asset Management Co. grew its holdings in 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 purchasing an additional 800 shares during the period. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Price Performance

Shares of LEGN stock traded down $0.85 during mid-day trading on Monday, hitting $39.57. The company had a trading volume of 434,278 shares, compared to its average volume of 1,506,569. The company has a market capitalization of $7.27 billion, a P/E ratio of -67.01 and a beta of 0.19. Legend Biotech has a 52-week low of $27.34 and a 52-week high of $59.62. The stock's 50 day moving average price is $35.94 and its 200-day moving average price is $34.91. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The company had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. Legend Biotech's quarterly revenue was up 107.8% on a year-over-year basis. Equities research analysts forecast that Legend Biotech will post -1.31 earnings per share 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).