Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) Target Price at $81.46

Shares of Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) have received an average rating of "Buy" from the thirteen research firms that are currently covering the firm, Marketbeat Ratings reports. Thirteen analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have covered the stock in the last year is $81.46.

A number of equities research analysts have recently issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $73.00 price target on shares of Legend Biotech in a report on Wednesday, November 13th. Scotiabank upped their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a "sector outperform" rating in a research report on Monday, August 12th. Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th.

Legend Biotech Stock Performance

NASDAQ LEGN traded up $1.74 on Wednesday, hitting $40.14. 2,240,087 shares of the stock traded hands, compared to its average volume of 1,108,344. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a market capitalization of $7.32 billion, a price-to-earnings ratio of -42.25 and a beta of 0.11. Legend Biotech has a 12 month low of $36.92 and a 12 month high of $70.13. The business's fifty day moving average is $45.33 and its two-hundred day moving average is $48.13.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to analysts' expectations of $143.91 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business's revenue for the quarter was up 66.9% compared to the same quarter last year. As a group, equities analysts anticipate that Legend Biotech will post -1.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE increased its position in Legend Biotech by 4.5% during the 1st quarter. US Bancorp DE now owns 6,835 shares of the company's stock valued at $383,000 after buying an additional 293 shares in the last quarter. American International Group Inc. raised its holdings in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company's stock worth $50,000 after purchasing an additional 300 shares during the period. Avior Wealth Management LLC boosted its position in shares of Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company's stock worth $541,000 after purchasing an additional 323 shares during the period. Public Sector Pension Investment Board grew its position in shares of Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company's stock worth $1,093,000 after purchasing an additional 400 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Legend Biotech by 9.7% during the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company's stock valued at $313,000 after acquiring an additional 494 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

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).