Legend Biotech (NASDAQ:LEGN) Trading Up 7.6% - Time to Buy?

Shares of Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) traded up 7.6% during mid-day trading on Tuesday . The stock traded as high as $37.74 and last traded at $37.42. 605,193 shares changed hands during trading, a decline of 54% from the average session volume of 1,309,682 shares. The stock had previously closed at $34.78.

Wall Street Analysts Forecast Growth

LEGN has been the topic of a number of recent analyst reports. Truist Financial lowered their target price on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley lowered their price target on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday, March 17th. 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. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $76.20.

Legend Biotech Stock Down 2.3%

The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The stock has a 50-day simple moving average of $31.59 and a 200-day simple moving average of $34.55. The firm has a market capitalization of $6.76 billion, a PE ratio of -38.71 and a beta of 0.13.

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

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in LEGN. Westfield Capital Management Co. LP increased its holdings in Legend Biotech by 21.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock valued at $234,713,000 after purchasing an additional 1,203,871 shares during the period. Suvretta Capital Management LLC purchased a new position in shares of Legend Biotech during the 4th quarter worth approximately $113,767,000. Invesco Ltd. lifted its stake in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the period. Braidwell LP grew its stake in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after buying an additional 1,436,400 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Legend Biotech by 0.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock valued at $77,030,000 after buying an additional 6,708 shares in the last quarter. 70.89% of the stock is currently 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).