Legend Biotech (NASDAQ:LEGN) Price Target Cut to $80.00 by Analysts at Morgan Stanley

Legend Biotech (NASDAQ:LEGN) had its target price trimmed by Morgan Stanley from $82.00 to $80.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on LEGN. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright upped their price objective on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Piper Sandler reiterated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.17.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $37.94 on Monday. The company’s 50-day moving average is $35.75 and its 200 day moving average is $40.61. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The company has a market capitalization of $6.93 billion, a P/E ratio of -39.94 and a beta of 0.19. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $65.45.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. During the same period in the prior year, the firm earned ($0.40) earnings per share. The company’s revenue was up 134.6% compared to the same quarter last year. On average, equities research analysts forecast that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Trading of Legend Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of LEGN. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Legend Biotech during the fourth quarter valued at $914,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Legend Biotech during the fourth quarter valued at $776,000. Polar Asset Management Partners Inc. increased its stake in shares of Legend Biotech by 65.8% during the fourth quarter. Polar Asset Management Partners Inc. now owns 24,638 shares of the company’s stock valued at $802,000 after buying an additional 9,779 shares during the period. GF Fund Management CO. LTD. purchased a new position in shares of Legend Biotech during the fourth quarter valued at $56,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Legend Biotech by 36.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 136,438 shares of the company’s stock valued at $4,440,000 after buying an additional 36,181 shares during the period. 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).