Legend Biotech (NASDAQ:LEGN) Given New $78.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised Legend Biotech's price target from $77 to $78, maintaining an "overweight" rating, suggesting a potential upside of 121.74% based on current stock prices.
• Legend Biotech recently reported a quarterly earnings loss of ($0.34) per share, missing estimates, but revenue increased by 36.8% year-over-year to $255.06 million.
• Institutional investors hold 70.89% of Legend Biotech's stock, reflecting strong interest and confidence in the company's future prospects.

Legend Biotech (NASDAQ:LEGN - Get Free Report) had its target price raised by research analysts at JPMorgan Chase & Co. from $77.00 to $78.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 121.74% from the company's current price.

Several other research firms have also commented on LEGN. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Truist Financial dropped their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Morgan Stanley raised their price target on 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 reiterated an "outperform" rating and issued a $77.00 price target (up from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th. Finally, Cantor Fitzgerald raised shares of Legend Biotech to a "strong-buy" rating in a research note on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $73.00.

Legend Biotech Trading Down 1.1%

Shares of NASDAQ LEGN traded down $0.3840 during trading on Monday, hitting $35.1760. 120,104 shares of the company were exchanged, compared to its average volume of 1,453,638. Legend Biotech has a 12-month low of $27.34 and a 12-month high of $59.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71. The company has a fifty day moving average price of $37.80 and a 200-day moving average price of $35.12. The firm has a market capitalization of $6.46 billion, a PE ratio of -40.05 and a beta of 0.26.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm 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 quarterly revenue was up 36.8% on a year-over-year basis. During the same period last year, the company earned ($0.05) EPS. As a group, equities research analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after purchasing an additional 765 shares in the last quarter. Quarry LP purchased a new position in Legend Biotech during the 1st quarter valued at about $48,000. GF Fund Management CO. LTD. purchased a new stake in shares of Legend Biotech in the fourth quarter worth approximately $56,000. Brooklyn Investment Group lifted its position in shares of Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after purchasing an additional 1,583 shares in the last quarter. Finally, Shell Asset Management Co. boosted its holdings 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 worth $68,000 after purchasing an additional 800 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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