Legend Biotech (NASDAQ:LEGN) Stock Price Up 5.4% - What's Next?

Key Points

• Legend Biotech's stock rose by 5.4% to $36.07, although trading volume declined significantly to 195,571 shares compared to an average of 1,435,078 shares.
• Analysts have set a range of price targets for Legend Biotech, with the highest at $83.00 from Morgan Stanley, and an average target price of $74.22 among ten analysts rating it as a "buy."
• For the last quarter, Legend Biotech reported a revenue of $255.06 million, exceeding analyst expectations and reflecting a year-over-year increase of 36.8%, despite posting a loss per share of ($0.34).

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) shares traded up 5.4% during mid-day trading on Wednesday . The company traded as high as $35.99 and last traded at $36.07. 195,571 shares changed hands during trading, a decline of 86% from the average session volume of 1,435,078 shares. The stock had previously closed at $34.22.

Analysts Set New Price Targets

LEGN has been the topic of a number of recent analyst reports. Johnson Rice reiterated a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. UBS Group set a $54.00 price target on shares of Legend Biotech and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Morgan Stanley boosted their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. Royal Bank Of Canada restated an "outperform" rating and issued a $77.00 target price (up from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. Finally, Truist Financial decreased 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. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $74.22.

Legend Biotech Stock Performance

The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30. The company has a market cap of $6.63 billion, a PE ratio of -40.85 and a beta of 0.28. The firm's 50-day simple moving average is $37.80 and its two-hundred day simple moving average is $35.07.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.12). Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The company had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The company's quarterly revenue was up 36.8% on a year-over-year basis. As a group, research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in 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 during the last quarter. Quarry LP acquired a new stake in Legend Biotech during the 1st quarter valued at approximately $48,000. GF Fund Management CO. LTD. purchased a new stake in shares of Legend Biotech in the 4th quarter valued at $56,000. Brooklyn Investment Group increased its stake in shares of Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after acquiring an additional 1,583 shares during the period. Finally, Shell Asset Management Co. raised its stake in shares of Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after buying an additional 800 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other 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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