Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Average Rating of “Moderate Buy” from Analysts

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $66.5556.

Several equities analysts have recently weighed in on the stock. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Tuesday, October 7th. They issued an “overweight” rating and a $40.00 price target on the stock. Johnson Rice set a $60.00 price objective on shares of Legend Biotech in a report on Friday, October 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Legend Biotech in a research note on Wednesday, October 8th. Morgan Stanley upped their price target on Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, August 12th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $77.00 price target (up previously from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN opened at $31.80 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. Legend Biotech has a 1 year low of $27.34 and a 1 year high of $45.30. The firm has a market capitalization of $5.87 billion, a PE ratio of -36.14 and a beta of 0.17. The business’s 50 day moving average price is $33.04 and its 200-day moving average price is $34.43.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LEGN. GAMMA Investing LLC grew its holdings in shares of Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after purchasing an additional 765 shares during the period. Bank of New York Mellon Corp boosted its holdings in Legend Biotech by 2.1% in the 1st quarter. Bank of New York Mellon Corp now owns 134,226 shares of the company’s stock valued at $4,554,000 after purchasing an additional 2,810 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock valued at $77,030,000 after buying an additional 6,708 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Legend Biotech by 3.9% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 24,769 shares of the company’s stock valued at $840,000 after buying an additional 922 shares during the period. Finally, Readystate Asset Management LP acquired a new stake in shares of Legend Biotech during the 1st quarter worth approximately $6,018,000. Hedge funds and other 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).