Legend Biotech (NASDAQ:LEGN) Now Covered by Redburn Atlantic

Stock analysts at Redburn Atlantic began coverage on shares of Legend Biotech (NASDAQ:LEGN) in a research report issued on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $86.00 price target on the stock. Redburn Atlantic’s target price points to a potential upside of 73.46% from the company’s current price.

LEGN has been the subject of several other reports. Truist Financial initiated coverage on shares of Legend Biotech in a report on Monday, June 17th. They set a “buy” rating and a $88.00 target price for the company. TD Cowen cut their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. Scotiabank increased their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Piper Sandler restated an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a research report on Monday, June 17th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Monday, September 30th. Fourteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $82.08.

Legend Biotech Stock Up 1.0 %

NASDAQ:LEGN opened at $49.58 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78. The company’s fifty day moving average price is $53.12 and its 200-day moving average price is $49.94. Legend Biotech has a 1-year low of $38.60 and a 1-year high of $70.78. The firm has a market capitalization of $9.04 billion, a P/E ratio of -38.14 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.49. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company’s revenue for the quarter was up 154.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.27) EPS. As a group, equities research analysts anticipate that Legend Biotech will post -1.46 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently modified their holdings of LEGN. Prudential PLC grew its stake in Legend Biotech by 66.8% during the 4th quarter. Prudential PLC now owns 14,856 shares of the company’s stock valued at $894,000 after acquiring an additional 5,949 shares in the last quarter. Barometer Capital Management Inc. purchased a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $120,000. Altitude Crest Partners Inc. acquired a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $32,601,000. Quarry LP purchased a new position in Legend Biotech during the fourth quarter worth approximately $45,000. Finally, Krane Funds Advisors LLC boosted its stake in Legend Biotech by 2.3% during the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock worth $1,230,000 after buying an additional 451 shares during the last quarter. Hedge funds and other institutional investors 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).