Legend Biotech (NASDAQ:LEGN) Shares Gap Up - Should You Buy?

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $30.07, but opened at $31.00. Legend Biotech shares last traded at $28.43, with a volume of 758,851 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Cantor Fitzgerald reissued an "overweight" rating and issued a $55.00 price target on shares of Legend Biotech in a report on Wednesday, May 14th. Royal Bank of Canada reiterated an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.20.

Legend Biotech Price Performance

The stock has a market capitalization of $5.31 billion, a P/E ratio of -30.43 and a beta of 0.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a fifty day moving average price of $32.60 and a two-hundred day moving average price of $35.24.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. During the same period in the prior year, the company earned ($0.16) earnings per share. The firm's revenue was up 107.8% on a year-over-year basis. As a group, analysts expect that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after buying an additional 765 shares during the period. Quarry LP bought a new stake in shares of Legend Biotech in the first quarter valued at about $48,000. Signaturefd LLC raised its holdings in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after acquiring an additional 1,579 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Legend Biotech in the fourth quarter worth about $56,000. Finally, Brooklyn Investment Group grew its holdings in Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after acquiring an additional 1,583 shares in the last quarter. 70.89% of the stock is owned by 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).