Legend Biotech (NASDAQ:LEGN) Price Target Raised to $78.00 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 price objective increased by analysts at JPMorgan Chase & Co. from $77.00 to $78.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 124.59% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Royal Bank Of Canada restated an "outperform" rating and set a $77.00 target price (up previously from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Cantor Fitzgerald raised shares of Legend Biotech to a "strong-buy" rating in a research report on Monday, August 4th. Truist Financial reduced 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 report on Wednesday, May 14th. Finally, Morgan Stanley raised their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.22.

Legend Biotech Stock Performance

Shares of LEGN traded up $0.36 on Monday, reaching $34.73. 881,286 shares of the company's stock traded hands, compared to its average volume of 1,004,347. The stock has a market cap of $6.38 billion, a PE ratio of -39.47 and a beta of 0.26. The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30. Legend Biotech has a 52-week low of $27.34 and a 52-week high of $59.62. The stock's 50 day simple moving average is $37.79 and its two-hundred day simple moving average is $35.10.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.12). Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The firm had revenue of $255.06 million during the quarter, compared to the consensus estimate of $237.49 million. During the same period in the previous year, the business earned ($0.05) earnings per share. The firm's revenue for the quarter was up 36.8% on a year-over-year basis. On average, analysts forecast that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

A number of hedge funds have recently bought and sold shares of the stock. GF Fund Management CO. LTD. grew its stake in Legend Biotech by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock worth $71,000 after buying an additional 377 shares during the last quarter. Rhumbline Advisers grew its stake in Legend Biotech by 1.4% during the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock valued at $951,000 after purchasing an additional 391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Legend Biotech by 1.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company's stock valued at $1,887,000 after purchasing an additional 579 shares during the period. GAMMA Investing LLC raised its stake in shares of Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after purchasing an additional 765 shares during the last quarter. Finally, Shell Asset Management Co. lifted 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. Hedge funds and other institutional investors own 70.89% of the company's stock.

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).