Legend Biotech (NASDAQ:LEGN) Shares Gap Up - What's Next?

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $32.11, but opened at $33.96. Legend Biotech shares last traded at $34.46, with a volume of 634,428 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently commented on LEGN. Piper Sandler reissued an "overweight" rating and issued a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Finally, Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Legend Biotech presently has a consensus rating of "Moderate Buy" and a consensus target price of $79.00.

Legend Biotech Stock Performance

The company's fifty day moving average price is $35.03 and its two-hundred day moving average price is $37.79. 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 $6.02 billion, a PE ratio of -34.53 and a beta of 0.21.

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

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors have recently added to or reduced their stakes in the company. Exane Asset Management acquired a new position in shares of Legend Biotech in the 4th quarter valued at about $2,284,000. Matthews International Capital Management LLC lifted its position in Legend Biotech by 14.9% during the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock valued at $38,577,000 after buying an additional 153,665 shares in the last quarter. Nordea Investment Management AB grew its stake in Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock worth $8,684,000 after buying an additional 33,024 shares during the period. Franklin Resources Inc. acquired a new stake in shares of Legend Biotech in the third quarter worth $12,837,000. Finally, Geode Capital Management LLC raised its stake in shares of Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock valued at $23,933,000 after acquiring an additional 17,337 shares during the period. Hedge funds and other institutional investors own 70.89% of the company's stock.

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).