Legend Biotech (NASDAQ:LEGN) Shares Up 4.7% - Still a Buy?

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

Analyst Ratings Changes

A number of research firms have recently commented on LEGN. Morgan Stanley decreased their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 price objective on shares of Legend Biotech in a report on Wednesday, May 14th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, Legend Biotech presently has a consensus rating of "Moderate Buy" and an average price target of $76.20.

Legend Biotech Stock Up 2.5%

The stock has a market cap of $6.52 billion, a PE ratio of -60.15 and a beta of 0.13. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07. The company has a 50 day moving average price of $32.38 and a two-hundred day moving average price of $33.94.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its 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 net margin of 29.95% and a negative return on equity of 21.19%. The business had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. During the same quarter in the prior year, the business earned ($0.16) EPS. The business's revenue for the quarter was up 107.8% compared to the same quarter last year. Analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently added to or reduced their stakes in LEGN. GAMMA Investing LLC increased its position in Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after acquiring an additional 765 shares during the last quarter. Quarry LP purchased a new stake in shares of Legend Biotech during the 1st quarter valued at about $48,000. Signaturefd LLC lifted its stake in shares of Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after purchasing an additional 1,579 shares during the period. GF Fund Management CO. LTD. purchased a new position in shares of Legend Biotech in the fourth quarter worth approximately $56,000. Finally, Brooklyn Investment Group grew its position in Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after buying an additional 1,583 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).