Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) PT at $82.64

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given an average rating of “Moderate Buy” by the twelve ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $82.64.

A number of research analysts have commented on LEGN shares. Raymond James started coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price on the stock. Barclays increased their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 price target on shares of Legend Biotech in a research report on Thursday, March 7th. HC Wainwright reissued a “buy” rating and set a $87.00 price target on shares of Legend Biotech in a research report on Tuesday, April 23rd. Finally, UBS Group increased their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Monday, March 18th.

Legend Biotech Trading Down 0.6 %

Shares of LEGN opened at $45.72 on Friday. The firm has a 50-day moving average price of $55.51 and a 200 day moving average price of $58.97. Legend Biotech has a 12-month low of $42.08 and a 12-month high of $77.32. 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 capitalization of $8.32 billion, a P/E ratio of -30.89 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating 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 company had revenue of $76.50 million for the quarter, compared to analysts’ expectations of $95.63 million. The business’s revenue was up 177.2% compared to the same quarter last year. Sell-side analysts forecast that Legend Biotech will post -1.43 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds have recently added to or reduced their stakes in the stock. BluePath Capital Management LLC purchased a new position in Legend Biotech in the third quarter valued at approximately $32,000. Quarry LP purchased a new position in Legend Biotech in the fourth quarter valued at approximately $45,000. PNC Financial Services Group Inc. increased its stake in Legend Biotech by 53.9% in the third quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock valued at $91,000 after purchasing an additional 472 shares during the last quarter. Barometer Capital Management Inc. purchased a new position in Legend Biotech in the fourth quarter valued at approximately $120,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in Legend Biotech by 141.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,048 shares of the company’s stock valued at $138,000 after purchasing an additional 1,199 shares during the last quarter. 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).