Legend Biotech (NASDAQ:LEGN) Shares Gap Up to $50.12

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $50.12, but opened at $51.39. Legend Biotech shares last traded at $49.66, with a volume of 74,549 shares changing hands.

Analyst Ratings Changes

LEGN has been the subject of a number of research analyst reports. Cantor Fitzgerald initiated coverage on shares of Legend Biotech in a report on Wednesday, April 3rd. They set an "overweight" rating and a $82.00 price objective for the company. Barclays lifted their price objective on shares of Legend Biotech from $93.00 to $94.00 and gave the company an "overweight" rating in a report on Wednesday, January 24th. HC Wainwright reiterated a "buy" rating and set a $87.00 price objective on shares of Legend Biotech in a report on Tuesday. Scotiabank upgraded shares of Legend Biotech from a "sector perform" rating to a "sector outperform" rating and set a $65.00 price objective for the company in a report on Wednesday. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $85.00 price objective on shares of Legend Biotech in a report on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Legend Biotech currently has an average rating of "Moderate Buy" and an average price target of $82.70.

Legend Biotech Stock Down 2.6 %

The business's 50-day simple moving average is $59.84 and its 200 day simple moving average is $61.06. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The firm has a market cap of $8.88 billion, a PE ratio of -32.99 and a beta of 0.01.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The firm had revenue of $76.50 million for the quarter, compared to the consensus estimate of $95.63 million. The business's revenue was up 177.2% on a year-over-year basis. As a group, equities research analysts expect that Legend Biotech Co. will post -1.42 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Avior Wealth Management LLC grew its position in shares of Legend Biotech by 2.5% in the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company's stock worth $445,000 after buying an additional 182 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in Legend Biotech by 1.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 20,689 shares of the company's stock worth $1,390,000 after purchasing an additional 220 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Legend Biotech by 5.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company's stock worth $294,000 after purchasing an additional 253 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Legend Biotech by 2.6% in the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company's stock worth $796,000 after purchasing an additional 296 shares in the last quarter. Finally, OLD Mission Capital LLC boosted its stake in Legend Biotech by 6.1% in the 4th quarter. OLD Mission Capital LLC now owns 5,171 shares of the company's stock worth $311,000 after purchasing an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

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).