Brokerages Set Legend Biotech Co. (NASDAQ:LEGN) Price Target at $80.62

Shares of Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) have been given an average rating of "Buy" by the thirteen analysts that are covering the stock, Marketbeat reports. Thirteen equities research 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 $80.62.

A number of equities research analysts have recently weighed in on the stock. HC Wainwright restated a "buy" rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Tuesday, December 10th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Piper Sandler restated an "overweight" rating and set a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Redburn Atlantic started coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price target on the stock.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Legend Biotech by 18.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 110,259 shares of the company's stock valued at $4,883,000 after buying an additional 17,162 shares during the period. Rhumbline Advisers increased its stake in shares of Legend Biotech by 11.4% during the second quarter. Rhumbline Advisers now owns 26,334 shares of the company's stock worth $1,166,000 after acquiring an additional 2,704 shares during the period. Prudential PLC raised its holdings in Legend Biotech by 18.6% during the second quarter. Prudential PLC now owns 22,256 shares of the company's stock worth $986,000 after purchasing an additional 3,498 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in Legend Biotech by 18.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 11,572 shares of the company's stock valued at $514,000 after purchasing an additional 1,792 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in Legend Biotech by 0.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company's stock valued at $68,266,000 after purchasing an additional 4,285 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Down 2.4 %

Shares of NASDAQ:LEGN traded down $0.79 during trading on Thursday, hitting $32.77. The company's stock had a trading volume of 932,784 shares, compared to its average volume of 968,542. The company has a market capitalization of $5.98 billion, a PE ratio of -34.49 and a beta of 0.16. 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 has a fifty-two week low of $32.08 and a fifty-two week high of $70.13. The business has a 50 day moving average price of $37.96 and a two-hundred day moving average price of $46.51.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping 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 firm had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. The business's quarterly revenue was up 66.9% compared to the same quarter last year. As a group, research analysts expect that Legend Biotech will post -1.23 EPS 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).