Legend Biotech (NASDAQ:LEGN) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

Key Points

• Legend Biotech has been upgraded to a "strong-buy" rating by Cantor Fitzgerald, indicating increased confidence in the stock's performance.
• Analysts have varying price targets for Legend Biotech, with the current average target price set at $73.33.
• The company reported a revenue increase of 107.8% year-over-year, reaching $195.05 million in its latest quarterly earnings.

Legend Biotech (NASDAQ:LEGN - Get Free Report) was upgraded by stock analysts at Cantor Fitzgerald to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports. Cantor Fitzgerald also issued estimates for Legend Biotech's FY2025 earnings at ($0.42) EPS and FY2026 earnings at $0.24 EPS.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley restated an "overweight" rating and issued a $81.00 target price (up from $80.00) on shares of Legend Biotech in a research report on Thursday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th. UBS Group set a $54.00 price target on Legend Biotech and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Truist Financial dropped their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Legend Biotech presently has an average rating of "Buy" and an average target price of $73.33.

Legend Biotech Trading Down 2.0%

Shares of LEGN opened at $37.66 on Monday. The stock's fifty day simple moving average is $36.91 and its 200-day simple moving average is $35.13. The firm has a market capitalization of $6.92 billion, a PE ratio of -63.83 and a beta of 0.26. Legend Biotech has a 12-month low of $27.34 and a 12-month high of $59.62. 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 (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.33. The company had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The business's revenue for the quarter was up 107.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.16) EPS. As a group, research analysts predict that Legend Biotech will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Resona Asset Management Co. Ltd. raised its stake in Legend Biotech by 25.5% during the second quarter. Resona Asset Management Co. Ltd. now owns 21,901 shares of the company's stock worth $775,000 after purchasing an additional 4,451 shares during the period. Hantz Financial Services Inc. lifted its stake in Legend Biotech by 913.0% in the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company's stock valued at $74,000 after buying an additional 1,890 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Legend Biotech in the second quarter valued at about $723,000. Allianz Asset Management GmbH acquired a new stake in Legend Biotech in the second quarter valued at about $458,000. Finally, TD Asset Management Inc grew its position in Legend Biotech by 9.8% during the second quarter. TD Asset Management Inc now owns 103,392 shares of the company's stock worth $3,669,000 after buying an additional 9,200 shares during the period. 70.89% of the stock is 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).