Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) Price Target at $79.50

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) has been assigned an average recommendation of "Buy" from the twelve brokerages that are currently covering the firm, MarketBeat Ratings reports. Twelve investment analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have issued a report on the stock in the last year is $79.50.

Several equities research analysts have recently commented on LEGN shares. Royal Bank of Canada reiterated an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reaffirmed a "buy" rating and set a $73.00 target price on shares of Legend Biotech in a report on Tuesday, January 21st. Cantor Fitzgerald reiterated an "overweight" rating and set a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Piper Sandler restated an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th.

Legend Biotech Trading Down 4.4 %

LEGN traded down $1.66 during mid-day trading on Monday, reaching $36.11. The stock had a trading volume of 918,408 shares, compared to its average volume of 1,357,921. The firm's fifty day simple moving average is $35.81 and its two-hundred day simple moving average is $44.69. The stock has a market capitalization of $6.59 billion, a P/E ratio of -38.01 and a beta of 0.17. Legend Biotech has a 52 week low of $30.17 and a 52 week high of $70.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million for the quarter, compared to analysts' expectations of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm's quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.17) earnings per share. On average, equities analysts predict that Legend Biotech will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

Several hedge funds have recently bought and sold shares of LEGN. Avior Wealth Management LLC raised its position in Legend Biotech by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company's stock valued at $541,000 after buying an additional 323 shares during the last quarter. Bridgewater Associates LP grew its stake in shares of Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company's stock worth $8,088,000 after acquiring an additional 516 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Legend Biotech by 14.0% in the third quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company's stock valued at $332,000 after purchasing an additional 837 shares during the last quarter. National Pension Service lifted its position in shares of Legend Biotech by 4.3% in the third quarter. National Pension Service now owns 23,535 shares of the company's stock worth $1,147,000 after purchasing an additional 961 shares in the last quarter. Finally, Aigen Investment Management LP boosted its holdings in Legend Biotech by 19.6% during the fourth quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock worth $240,000 after purchasing an additional 1,206 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).