Legend Biotech (NASDAQ:LEGN) Shares Up 7.7% - Here's What Happened

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) shares were up 7.7% during trading on Tuesday . The stock traded as high as $47.79 and last traded at $46.98. Approximately 814,280 shares changed hands during trading, a decline of 23% from the average daily volume of 1,057,632 shares. The stock had previously closed at $43.61.

Analysts Set New Price Targets

Several analysts recently commented on LEGN shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $86.00 target price on shares of Legend Biotech in a report on Tuesday, October 29th. Scotiabank increased their target price on Legend Biotech from $70.00 to $76.00 and gave the stock a "sector outperform" rating in a report on Monday, August 12th. Redburn Atlantic initiated coverage on Legend Biotech in a report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price objective for the company. TD Cowen lowered their target price on shares of Legend Biotech from $71.00 to $67.00 and set a "buy" rating for the company in a report on Monday, July 15th. Finally, HC Wainwright reiterated a "buy" rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, October 16th. Fourteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $82.08.

Legend Biotech Price Performance

The firm has a market capitalization of $8.13 billion, a PE ratio of -57.20 and a beta of 0.11. The business's 50 day moving average is $48.52 and its two-hundred day moving average is $48.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million during the quarter, compared to analyst estimates of $125.25 million. During the same quarter in the previous year, the firm earned ($0.27) EPS. The company's quarterly revenue was up 154.4% compared to the same quarter last year. Equities research analysts anticipate that Legend Biotech Co. will post -1.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in Legend Biotech by 10,075.0% during the second quarter. Blue Trust Inc. now owns 814 shares of the company's stock valued at $36,000 after purchasing an additional 806 shares during the last quarter. American International Group Inc. increased its position in shares of Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company's stock valued at $50,000 after purchasing an additional 300 shares during the last quarter. AM Squared Ltd bought a new stake in Legend Biotech in the 2nd quarter worth approximately $71,000. California State Teachers Retirement System grew its position in Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company's stock valued at $188,000 after acquiring an additional 2,216 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Legend Biotech during the first quarter worth approximately $203,000. 70.89% of the stock is currently owned by hedge funds and other 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).