Legend Biotech (NASDAQ:LEGN) Given New $76.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has lowered Legend Biotech's price target from $78.00 to $76.00, maintaining an "overweight" rating, which suggests a potential upside of 136.98% from its current price.
• Legend Biotech's recent quarterly earnings reported a miss on EPS estimates, at ($0.34), but revenue was higher than expected at $255.06 million, marking a 36.8% increase year-over-year.
• Major research firms have varied outlooks on Legend Biotech, with Morgan Stanley raising its target to $83.00, while Weiss Ratings has issued a "sell" rating, contributing to a consensus rating of "Moderate Buy."

Legend Biotech (NASDAQ:LEGN - Get Free Report) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $78.00 to $76.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 136.98% from the company's current price.

Several other research firms also recently weighed in on LEGN. Morgan Stanley raised their target price on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. HC Wainwright restated a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a report on Thursday, July 17th. Weiss Ratings restated a "sell (d-)" rating on shares of Legend Biotech in a report on Wednesday. Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Finally, Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Tuesday. They set an "overweight" rating and a $40.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Legend Biotech has a consensus rating of "Moderate Buy" and a consensus price target of $69.25.

Legend Biotech Stock Performance

Shares of LEGN stock traded down $0.14 during mid-day trading on Thursday, hitting $32.07. The stock had a trading volume of 314,246 shares, compared to its average volume of 1,407,245. The company's 50-day simple moving average is $34.94 and its 200-day simple moving average is $34.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. The firm has a market cap of $5.92 billion, a PE ratio of -36.42 and a beta of 0.23. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $51.77.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly 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). The company had revenue of $255.06 million during 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 revenue for the quarter 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. Sell-side analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Westfield Capital Management Co. LP lifted its position in Legend Biotech by 21.1% during the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock valued at $234,713,000 after buying an additional 1,203,871 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Legend Biotech by 0.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock valued at $77,030,000 after buying an additional 6,708 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in Legend Biotech by 87.5% during the second quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company's stock valued at $75,319,000 after buying an additional 990,500 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Legend Biotech by 3.5% during the second quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company's stock valued at $55,386,000 after purchasing an additional 52,344 shares during the period. Finally, Matthews International Capital Management LLC raised its stake in shares of Legend Biotech by 17.3% during the second quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company's stock valued at $45,890,000 after purchasing an additional 191,165 shares during the period. 70.89% of the stock is owned by institutional investors and hedge funds.

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).

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