Legend Biotech (NASDAQ:LEGN) Trading Up 6.7% - Here's What Happened

Shares of Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) traded up 6.7% during trading on Wednesday . The company traded as high as $30.10 and last traded at $30.35. 391,082 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,285,492 shares. The stock had previously closed at $28.43.

Wall Street Analysts Forecast Growth

LEGN has been the subject of several recent analyst reports. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Royal Bank of Canada reissued an "outperform" rating and set a $84.00 price target on shares of Legend Biotech in a research note on Tuesday, April 22nd. Cantor Fitzgerald reissued an "overweight" rating and set a $55.00 price target on shares of Legend Biotech in a research note on Wednesday, May 14th. HC Wainwright reissued a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research note on Wednesday, April 16th. Finally, Truist Financial cut their price target on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. 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, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.20.

Legend Biotech Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a fifty day moving average of $31.45 and a 200 day moving average of $34.71. The firm has a market capitalization of $5.78 billion, a P/E ratio of -33.14 and a beta of 0.13.

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

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently bought and sold shares of the stock. GF Fund Management CO. LTD. raised its stake in shares of Legend Biotech by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock valued at $71,000 after buying an additional 377 shares during the period. Rhumbline Advisers grew its stake in Legend Biotech by 1.4% during the first quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock valued at $951,000 after acquiring an additional 391 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Legend Biotech by 1.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company's stock valued at $1,887,000 after acquiring an additional 579 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after acquiring an additional 765 shares in the last quarter. Finally, Shell Asset Management Co. raised its holdings in shares of Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after acquiring an additional 800 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

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).