Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Legend Biotech Corporation has received a consensus recommendation of "Moderate Buy" from eleven ratings firms, with an average one-year target price of $74.22.
• Recently, institutional investors have significantly increased their holdings in Legend Biotech, with Bank of America boosting its position by 192.2%.
• Despite reporting a loss of ($0.34) earnings per share, Legend Biotech's revenue increased by 36.8% year-over-year to $255.06 million.

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) have received an average rating of "Moderate Buy" from the eleven ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $74.2222.

LEGN has been the subject of several research reports. HC Wainwright reissued a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research report on Thursday, July 17th. Morgan Stanley lifted their price target on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. Royal Bank Of Canada reissued an "outperform" rating and issued a $77.00 price target (up previously from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th. JPMorgan Chase & Co. lifted their price target on shares of Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research report on Monday, August 25th. Finally, UBS Group set a $54.00 price target on shares of Legend Biotech and gave the company a "buy" rating in a research report on Wednesday, July 2nd.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of LEGN. Bank of America Corp DE boosted its position in shares of Legend Biotech by 192.2% during the fourth quarter. Bank of America Corp DE now owns 710,626 shares of the company's stock valued at $23,124,000 after buying an additional 467,386 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Legend Biotech by 11.7% during the fourth quarter. Deutsche Bank AG now owns 135,067 shares of the company's stock valued at $4,395,000 after buying an additional 14,198 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Legend Biotech by 8.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 76,795 shares of the company's stock valued at $2,499,000 after buying an additional 6,093 shares during the last quarter. Nuveen Asset Management LLC boosted its position in shares of Legend Biotech by 5.4% during the fourth quarter. Nuveen Asset Management LLC now owns 110,586 shares of the company's stock valued at $3,598,000 after buying an additional 5,700 shares during the last quarter. Finally, Shell Asset Management Co. boosted its position in shares of Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after buying an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Up 2.3%

NASDAQ LEGN opened at $33.88 on Tuesday. 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 one year low of $27.34 and a one year high of $52.31. The business has a 50 day simple moving average of $37.69 and a 200 day simple moving average of $34.87. The stock has a market capitalization of $6.25 billion, a P/E ratio of -38.50 and a beta of 0.28.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.12). Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The firm had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. During the same period in the previous year, the company earned ($0.05) earnings per share. Legend Biotech's revenue for the quarter was up 36.8% compared to the same quarter last year. Research analysts expect 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).

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