Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Consensus Rating 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.

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $74.2222.

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

Legend Biotech Trading Down 3.3%

Shares of NASDAQ LEGN traded down $1.15 on Tuesday, reaching $34.01. 1,151,612 shares of the company traded hands, compared to its average volume of 1,096,802. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $51.77. The company has a 50 day moving average of $37.34 and a 200 day moving average of $34.88. The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $6.28 billion, a PE ratio of -38.65 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 (EPS) 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 analysts' expectations of $237.49 million. During the same quarter in the previous year, the firm posted ($0.05) EPS. The firm's revenue for the quarter was up 36.8% compared to the same quarter last year. On average, equities research analysts forecast that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after buying an additional 765 shares during the last quarter. Quarry LP acquired a new stake in shares of Legend Biotech during the 1st quarter valued at approximately $48,000. GF Fund Management CO. LTD. acquired a new stake in shares of Legend Biotech during the 4th quarter valued at approximately $56,000. Brooklyn Investment Group raised its position in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after acquiring an additional 1,583 shares in the last quarter. Finally, Shell Asset Management Co. raised its position in shares of Legend Biotech by 62.0% during the 4th 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. 70.89% of the stock is currently 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).