Legend Biotech (NASDAQ:LEGN) Trading 7.6% Higher – Time to Buy?

Legend Biotech Co. (NASDAQ:LEGN) shares were up 7.6% on Tuesday . The stock traded as high as $37.74 and last traded at $37.42. Approximately 605,193 shares were traded during trading, a decline of 54% from the average daily volume of 1,309,682 shares. The stock had previously closed at $34.78.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on LEGN shares. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price objective on shares of Legend Biotech in a report on Wednesday, May 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Morgan Stanley lowered their target price on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of Legend Biotech in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.20.

Legend Biotech Stock Performance

The business’s fifty day moving average is $31.50 and its 200-day moving average is $34.53. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.94 billion, a PE ratio of -39.53 and a beta of 0.13.

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

Institutional Trading of Legend Biotech

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after acquiring an additional 765 shares during the period. Quarry LP purchased a new stake in shares of Legend Biotech in the first quarter worth $48,000. Signaturefd LLC raised its position in shares of Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after purchasing 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 $56,000. Finally, Brooklyn Investment Group lifted 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 buying an additional 1,583 shares in the last quarter. 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).