Legend Biotech (NASDAQ:LEGN) Shares Gap Up - Here's What Happened

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $30.36, but opened at $31.62. Legend Biotech shares last traded at $31.13, with a volume of 415,750 shares traded.

Wall Street Analysts Forecast Growth

LEGN has been the topic of a number of recent research reports. Truist Financial decreased their price objective on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Morgan Stanley decreased their price target on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Cantor Fitzgerald reissued an "overweight" rating and set a $55.00 price objective on shares of Legend Biotech in a report on Wednesday, May 14th. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Finally, HC Wainwright reiterated a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Legend Biotech currently has an average rating of "Moderate Buy" and an average price target of $76.20.

Legend Biotech Trading Up 11.2%

The business's 50 day moving average price is $31.47 and its two-hundred day moving average price is $34.61. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of -36.84 and a beta of 0.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $190.83 million. During the same period last year, the company earned ($0.16) EPS. The firm's revenue was up 107.8% compared to the same quarter last year. On average, equities analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Several large investors have recently made changes to their positions in LEGN. GAMMA Investing LLC lifted 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 valued at $44,000 after buying an additional 765 shares in the last quarter. Quarry LP acquired a new stake in shares of Legend Biotech in the 1st quarter worth about $48,000. GF Fund Management CO. LTD. bought a new position in Legend Biotech in the 4th quarter valued at about $56,000. Brooklyn Investment Group lifted its position in Legend Biotech by 1,114.8% in the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after acquiring an additional 1,583 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after purchasing an additional 1,579 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).