Legend Biotech (NASDAQ:LEGN) Trading Up 4.7% - Here's What Happened

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) traded up 4.7% during mid-day trading on Friday . The company traded as high as $36.00 and last traded at $35.05. 437,310 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,353,031 shares. The stock had previously closed at $33.48.

Analyst Ratings Changes

LEGN has been the subject of several research reports. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright reissued a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a research report on Wednesday, April 16th. Truist Financial reduced their target price on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Morgan Stanley decreased 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. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 price target on shares of Legend Biotech in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $76.20.

Legend Biotech Trading Up 6.7%

The stock has a market cap of $6.56 billion, a PE ratio of -60.53 and a beta of 0.13. The company has a debt-to-equity ratio of 0.30, a quick ratio of 5.07 and a current ratio of 5.20. The business has a 50-day moving average of $32.34 and a 200 day moving average of $33.99.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. The business had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative return on equity of 21.19% and a negative net margin of 29.95%. The business's revenue for the quarter was up 107.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) earnings per share. Equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. grew its holdings in 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 purchasing an additional 377 shares during the period. Rhumbline Advisers grew its holdings in shares of Legend Biotech by 1.4% during the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock worth $951,000 after purchasing an additional 391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Legend Biotech by 1.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company's stock worth $1,887,000 after purchasing an additional 579 shares in the last quarter. GAMMA Investing LLC raised its holdings 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 period. Finally, Shell Asset Management Co. lifted its position in Legend Biotech by 62.0% during the fourth 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 in the last quarter. Institutional investors and hedge funds 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).

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