Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) PT at $81.46

Legend Biotech Co. (NASDAQ:LEGN) has been assigned an average rating of “Buy” from the thirteen analysts that are presently covering the company, MarketBeat Ratings reports. Thirteen investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $81.46.

LEGN has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Wednesday, November 13th. Finally, Scotiabank boosted their price objective on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th.

Legend Biotech Stock Up 3.0 %

Shares of LEGN opened at $40.94 on Wednesday. The firm has a market cap of $7.46 billion, a PE ratio of -43.09 and a beta of 0.11. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company’s fifty day moving average is $44.92 and its two-hundred day moving average is $48.04. Legend Biotech has a fifty-two week low of $36.92 and a fifty-two week high of $70.13.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the business posted ($0.17) EPS. The company’s quarterly revenue was up 66.9% compared to the same quarter last year. Analysts forecast that Legend Biotech will post -1.23 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. grew its stake in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after purchasing an additional 806 shares in the last quarter. American International Group Inc. increased its holdings in shares of Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after acquiring an additional 300 shares during the last quarter. AM Squared Ltd acquired a new stake in shares of Legend Biotech during the 2nd quarter valued at approximately $71,000. Quantbot Technologies LP acquired a new stake in shares of Legend Biotech during the 3rd quarter valued at approximately $148,000. Finally, California State Teachers Retirement System boosted its holdings in Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after purchasing an additional 2,216 shares during the period. Institutional investors and hedge funds 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).