Analysts Set Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Target Price at $66.56

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received an average rating of “Moderate Buy” from the eleven analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $66.5556.

Several equities research analysts recently commented on the company. Morgan Stanley boosted their target price on Legend Biotech from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, August 12th. Johnson Rice set a $60.00 price objective on Legend Biotech in a research note on Friday, October 17th. HC Wainwright cut their price objective on Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Legend Biotech in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th.

Institutional Trading of Legend Biotech

Large investors have recently added to or reduced their stakes in the business. CenterBook Partners LP grew its position in Legend Biotech by 37.7% in the third quarter. CenterBook Partners LP now owns 145,531 shares of the company’s stock worth $4,746,000 after buying an additional 39,863 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Legend Biotech by 12.8% during the 3rd quarter. Vanguard Group Inc. now owns 137,597 shares of the company’s stock worth $4,487,000 after acquiring an additional 15,565 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Legend Biotech by 1.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 309,604 shares of the company’s stock worth $10,096,000 after acquiring an additional 5,283 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Legend Biotech by 54.0% during the third quarter. PNC Financial Services Group Inc. now owns 10,678 shares of the company’s stock worth $348,000 after purchasing an additional 3,742 shares during the period. Finally, Shell Asset Management Co. lifted its holdings in shares of Legend Biotech by 144.5% during the third quarter. Shell Asset Management Co. now owns 5,171 shares of the company’s stock valued at $169,000 after purchasing an additional 3,056 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Performance

LEGN stock opened at $31.80 on Wednesday. The company has a 50-day simple moving average of $33.04 and a 200 day simple moving average of $34.43. The company has a market capitalization of $5.87 billion, a P/E ratio of -36.14 and a beta of 0.17. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The company had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The firm’s quarterly revenue was up 36.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS. Sell-side analysts predict that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

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).