Legend Biotech (NASDAQ:LEGN) Receives "Sell (D-)" Rating from Weiss Ratings

Key Points

• Legend Biotech has received a "Sell (D-)" rating from Weiss Ratings, indicating negative sentiment from analysts regarding its stock performance.
• Despite this, nine investment analysts have given the stock a "Buy" rating, with a consensus price target of $69.50.
• Legend Biotech reported a quarterly revenue of $255.06 million, exceeding analyst estimates, but posted a loss of ($0.34) earnings per share.

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "sell (d-)" rating reissued by stock analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Several other equities research analysts have also weighed in on LEGN. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Thursday, July 17th. Morgan Stanley lifted 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. UBS Group set a $54.00 price target on Legend Biotech and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. lifted their price target on Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research report on Monday, August 25th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.50.

Legend Biotech Price Performance

Shares of LEGN stock opened at $32.21 on Wednesday. The firm has a market cap of $5.94 billion, a P/E ratio of -36.60 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. The business's 50 day moving average price is $34.94 and its 200-day moving average price is $34.51. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.12). The business had revenue of $255.06 million during the quarter, compared to the consensus estimate of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.Legend Biotech's quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. On average, equities research 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 modified their holdings of LEGN. Westfield Capital Management Co. LP lifted its holdings in shares of 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 purchasing an additional 1,203,871 shares in the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of 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 purchasing an additional 990,500 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Legend Biotech by 6,732.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,004,334 shares of the company's stock valued at $34,077,000 after purchasing an additional 989,635 shares in the last quarter. IvyRock Asset Management HK Ltd lifted its holdings in shares of Legend Biotech by 216.0% during the first quarter. IvyRock Asset Management HK Ltd now owns 844,000 shares of the company's stock valued at $28,637,000 after purchasing an additional 576,900 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Legend Biotech during the second quarter valued at $15,790,000. 70.89% of the stock is 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).

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