Legend Biotech (NASDAQ:LEGN) Shares Gap Up - What's Next?

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) shares 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.

Analyst Ratings Changes

Several brokerages recently commented on LEGN. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a report on Wednesday, May 14th. Truist Financial cut their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. HC Wainwright reiterated a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research note on Wednesday, April 16th. Royal Bank of Canada reiterated an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a research note on Tuesday, April 22nd. Finally, Morgan Stanley cut their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $76.20.

Legend Biotech Price Performance

The company has a market capitalization of $6.43 billion, a P/E ratio of -36.84 and a beta of 0.13. The company's 50-day moving average price is $31.40 and its two-hundred day moving average price is $34.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $190.83 million. During the same period last year, the firm earned ($0.16) earnings per share. Legend Biotech's revenue for the quarter was up 107.8% compared to the same quarter last year. As a group, sell-side analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently bought and sold shares of LEGN. Suvretta Capital Management LLC bought a new position in Legend Biotech during the fourth quarter worth about $113,767,000. Deerfield Management Company L.P. Series C bought a new position in Legend Biotech during the fourth quarter worth about $50,493,000. Braidwell LP increased its position in Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after acquiring an additional 1,436,400 shares during the period. Westfield Capital Management Co. LP increased its position in 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 worth $234,713,000 after acquiring an additional 1,203,871 shares during the period. Finally, Invesco Ltd. increased its position in Legend Biotech by 44.7% during the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after acquiring an additional 1,022,365 shares during the period. 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).