Legend Biotech (NASDAQ:LEGN) Coverage Initiated by Analysts at Redburn Atlantic

Redburn Atlantic began coverage on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $86.00 target price on the stock.

A number of other equities analysts have also recently weighed in on the company. Royal Bank of Canada reissued an outperform rating and issued a $86.00 price target on shares of Legend Biotech in a report on Friday, September 27th. TD Cowen decreased their price objective on Legend Biotech from $71.00 to $67.00 and set a buy rating on the stock in a report on Monday, July 15th. Piper Sandler reaffirmed an overweight rating and set a $90.00 price target on shares of Legend Biotech in a research report on Monday, June 17th. BMO Capital Markets reaffirmed an outperform rating and issued a $90.00 target price on shares of Legend Biotech in a research report on Wednesday, July 3rd. Finally, Truist Financial assumed coverage on shares of Legend Biotech in a research report on Monday, June 17th. They set a buy rating and a $88.00 price target on the stock. Fourteen analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech presently has an average rating of Buy and a consensus target price of $82.08.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $50.00 on Tuesday. The firm has a market capitalization of $9.12 billion, a P/E ratio of -64.10 and a beta of 0.10. Legend Biotech has a one year low of $38.60 and a one year high of $70.78. The company’s fifty day moving average is $52.47 and its two-hundred day moving average is $49.76. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same period in the prior year, the business posted ($0.27) earnings per share. The firm’s revenue for the quarter was up 154.4% compared to the same quarter last year. Analysts forecast that Legend Biotech will post -1.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP raised its position in shares of Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after purchasing an additional 962,381 shares during the period. RA Capital Management L.P. raised its position in shares of Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after purchasing an additional 596,390 shares during the period. Altitude Crest Partners Inc. acquired a new position in shares of Legend Biotech in the fourth quarter worth about $32,601,000. Westfield Capital Management Co. LP lifted its holdings in shares of Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Finally, Capital International Investors boosted its position in Legend Biotech by 19.5% during the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after acquiring an additional 356,387 shares during the period. 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).