Legend Biotech Co. (NASDAQ:LEGN) Given Consensus Recommendation of “Buy” by Analysts

Shares of Legend Biotech Co. (NASDAQ:LEGN) have been given an average recommendation of “Buy” by the thirteen research firms that are currently covering the company, MarketBeat Ratings reports. Thirteen research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have covered the stock in the last year is $81.78.

A number of brokerages recently issued reports on LEGN. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Legend Biotech in a research note on Thursday, May 23rd. They issued a “buy” rating and a $60.00 price target for the company. Scotiabank upped their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Monday, August 12th. Finally, TD Cowen decreased their target price on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, July 15th.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $56.89 on Monday. Legend Biotech has a 1-year low of $38.60 and a 1-year high of $72.38. The stock has a market cap of $10.37 billion, a P/E ratio of -43.76 and a beta of 0.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.66 and a quick ratio of 5.57. The firm has a 50-day moving average of $50.67 and a two-hundred day moving average of $52.46.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. During the same quarter in the prior year, the business posted ($0.27) earnings per share. Legend Biotech’s revenue for the quarter was up 154.4% on a year-over-year basis. On average, research analysts expect that Legend Biotech will post -1.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently modified their holdings of the company. Avior Wealth Management LLC boosted its stake in Legend Biotech by 2.5% during the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock valued at $445,000 after purchasing an additional 182 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in shares of Legend Biotech by 5.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after buying an additional 253 shares during the period. US Bancorp DE grew its holdings in Legend Biotech by 4.5% in the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock worth $383,000 after buying an additional 293 shares in the last quarter. American International Group Inc. increased its position in 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 period. Finally, Public Sector Pension Investment Board increased its position in Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after acquiring an additional 400 shares during the period. 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).