Legend Biotech (NASDAQ:LEGN) Trading 7.6% Higher - Here's Why

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) shares 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 mid-day trading, a decline of 54% from the average session volume of 1,309,682 shares. The stock had previously closed at $34.78.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 target price on shares of Legend Biotech in a research note on Wednesday, May 14th. 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. HC Wainwright reissued a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a report on Wednesday, April 16th. Royal Bank of Canada reissued an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Truist Financial lowered their price target on Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.20.

Legend Biotech Stock Down 2.8%

The firm has a 50-day moving average price of $31.96 and a two-hundred day moving average price of $34.49. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of -38.77 and a beta of 0.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.33. The firm had revenue of $195.05 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 107.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) EPS. On average, sell-side analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Asset Management One Co. Ltd. lifted its holdings in shares of Legend Biotech by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company's stock valued at $360,000 after buying an additional 2,297 shares during the period. Rhumbline Advisers raised its holdings in shares of Legend Biotech by 5.9% in the fourth quarter. Rhumbline Advisers now owns 27,638 shares of the company's stock worth $899,000 after acquiring an additional 1,544 shares during the last quarter. Empire Life Investments Inc. grew its position in shares of Legend Biotech by 38.5% in the fourth quarter. Empire Life Investments Inc. now owns 136,731 shares of the company's stock valued at $4,449,000 after purchasing an additional 38,043 shares during the period. New York State Common Retirement Fund grew its position in shares of Legend Biotech by 196.1% in the fourth quarter. New York State Common Retirement Fund now owns 59,276 shares of the company's stock valued at $1,929,000 after purchasing an additional 39,256 shares during the period. Finally, Alberta Investment Management Corp grew its position in Legend Biotech by 143.3% during the fourth quarter. Alberta Investment Management Corp now owns 135,259 shares of the company's stock valued at $4,401,000 after acquiring an additional 79,663 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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).