Legend Biotech Co. (NASDAQ:LEGN) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) have been given an average rating of "Moderate Buy" by the twelve ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $78.82.

Several equities research analysts have weighed in on the company. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley decreased their price target on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a research note on Tuesday. Piper Sandler reaffirmed an "overweight" rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Finally, HC Wainwright reissued a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Wednesday, April 16th.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC acquired a new stake in Legend Biotech in the fourth quarter valued at approximately $113,767,000. Deerfield Management Company L.P. Series C acquired a new position in Legend Biotech in the 4th quarter worth approximately $50,493,000. Braidwell LP raised its position in Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after buying an additional 1,436,400 shares during the last quarter. Invesco Ltd. raised its stake in shares of Legend Biotech by 44.7% during the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after buying an additional 1,022,365 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its stake in shares of Legend Biotech by 155.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock worth $48,991,000 after buying an additional 915,891 shares during the period. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Price Performance

NASDAQ LEGN traded down $0.16 during trading on Friday, hitting $34.14. 509,709 shares of the stock traded hands, compared to its average volume of 1,317,953. The company has a market capitalization of $6.27 billion, a P/E ratio of -35.87 and a beta of 0.21. Legend Biotech has a 12-month low of $29.27 and a 12-month high of $60.87. The firm has a 50-day simple moving average of $34.88 and a 200-day simple moving average of $37.48. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. Legend Biotech's revenue was up 134.6% on a year-over-year basis. As a group, analysts predict that Legend Biotech will post -1.31 EPS for the current 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).