Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Here’s Why

Legend Biotech Co. (NASDAQ:LEGN) shares gapped up before the market opened on Thursday . The stock had previously closed at $30.36, but opened at $31.62. Legend Biotech shares last traded at $31.13, with a volume of 415,750 shares trading hands.

Analyst Ratings Changes

LEGN has been the subject of several recent analyst reports. Morgan Stanley decreased their price target on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Truist Financial reduced their price objective on Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. Royal Bank of Canada restated an “outperform” rating and set a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective on shares of Legend Biotech in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.20.

Legend Biotech Trading Up 11.2%

The firm has a market capitalization of $6.43 billion, a P/E ratio of -36.84 and a beta of 0.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The stock has a 50 day simple moving average of $31.47 and a 200-day simple moving average of $34.65.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $195.05 million for the quarter, compared to the consensus estimate of $190.83 million. During the same quarter last year, the firm posted ($0.16) earnings per share. The firm’s revenue was up 107.8% compared to the same quarter last year. On average, equities research analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after purchasing an additional 765 shares during the period. Quarry LP bought a new position in shares of Legend Biotech in the first quarter worth about $48,000. Signaturefd LLC raised its stake in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares during the period. GF Fund Management CO. LTD. purchased a new position in shares of Legend Biotech during the 4th quarter valued at about $56,000. Finally, Brooklyn Investment Group grew its stake in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock valued at $59,000 after acquiring an additional 1,583 shares during the period. 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).