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

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) has earned a consensus rating of "Buy" from the twelve analysts that are covering the stock, MarketBeat Ratings reports. Twelve research analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $79.50.

LEGN has been the topic of several recent research reports. Piper Sandler reiterated an "overweight" rating and set a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Cantor Fitzgerald reiterated an "overweight" rating and set a $83.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Royal Bank of Canada reissued an "outperform" rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, January 21st.

Legend Biotech Stock Down 5.5 %

NASDAQ LEGN traded down $1.94 on Friday, reaching $33.07. 640,345 shares of the stock traded hands, compared to its average volume of 1,169,482. Legend Biotech has a 12 month low of $30.17 and a 12 month high of $69.24. 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 company has a fifty day moving average price of $35.23 and a 200-day moving average price of $42.24. The company has a market cap of $6.04 billion, a price-to-earnings ratio of -34.88 and a beta of 0.18.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Exane Asset Management acquired a new stake in Legend Biotech in the fourth quarter worth about $2,284,000. Matthews International Capital Management LLC boosted its stake in Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock worth $38,577,000 after purchasing an additional 153,665 shares in the last quarter. Nordea Investment Management AB grew its position in Legend Biotech by 14.2% during the 4th quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock worth $8,684,000 after purchasing an additional 33,024 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Legend Biotech during the 3rd quarter worth approximately $12,837,000. Finally, Westfield Capital Management Co. LP increased its stake in Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock valued at $245,526,000 after purchasing an additional 266,296 shares in the last quarter. 70.89% of the stock is 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).