Legend Biotech (NASDAQ:LEGN) Given a $54.00 Price Target by UBS Group Analysts

UBS Group set a $54.00 price target on Legend Biotech (NASDAQ:LEGN - Free Report) in a research report sent to investors on Wednesday, MarketBeat reports. The brokerage currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Royal Bank Of Canada restated an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Truist Financial lowered their target price on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Cantor Fitzgerald restated an "overweight" rating and issued a $55.00 target price on shares of Legend Biotech in a research note on Wednesday, May 14th. HC Wainwright restated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a research note on Wednesday, April 16th. Finally, Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.60.

Legend Biotech Stock Performance

LEGN stock traded down $0.56 during midday trading on Wednesday, hitting $35.35. The company's stock had a trading volume of 604,100 shares, compared to its average volume of 1,370,811. The stock's 50-day moving average price is $32.56 and its 200 day moving average price is $34.00. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30. Legend Biotech has a 1 year low of $27.34 and a 1 year high of $60.87. The stock has a market cap of $6.50 billion, a price-to-earnings ratio of -59.91 and a beta of 0.19.

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

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP increased its stake in Legend Biotech by 21.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after acquiring an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC purchased a new position in shares of Legend Biotech in the 4th quarter worth about $113,767,000. Invesco Ltd. boosted its holdings in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after purchasing an additional 1,022,365 shares in the last quarter. Braidwell LP boosted its holdings in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock worth $77,030,000 after purchasing an additional 6,708 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

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).