Legend Biotech (NASDAQ:LEGN) Shares Gap Up - Time to Buy?

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 $43.45, but opened at $45.38. Legend Biotech shares last traded at $44.74, with a volume of 601,786 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LEGN shares. Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $86.00 price target on shares of Legend Biotech in a report on Friday, September 27th. TD Cowen dropped their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a "buy" rating on the stock in a report on Monday, July 15th. HC Wainwright reaffirmed a "buy" rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, October 16th. Finally, Scotiabank lifted their price target on Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research note on Monday, August 12th. Fourteen analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $82.08.

Legend Biotech Trading Up 3.6 %

The company has a market cap of $8.21 billion, a P/E ratio of -34.64 and a beta of 0.10. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average price of $50.94 and a 200-day moving average price of $49.11.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $125.25 million. During the same period in the previous year, the company earned ($0.27) earnings per share. The firm's revenue for the quarter was up 154.4% on a year-over-year basis. Analysts forecast that Legend Biotech Co. will post -1.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Legend Biotech by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 164,573 shares of the company's stock valued at $9,231,000 after buying an additional 1,443 shares during the last quarter. BNP Paribas bought a new stake in shares of Legend Biotech during the first quarter worth approximately $199,000. Nordea Investment Management AB acquired a new position in shares of Legend Biotech in the first quarter valued at approximately $843,000. Daiwa Securities Group Inc. grew its position in shares of Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company's stock valued at $356,000 after purchasing an additional 527 shares during the last quarter. Finally, TimesSquare Capital Management LLC increased its stake in shares of Legend Biotech by 8.7% during the first quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company's stock worth $64,980,000 after purchasing an additional 92,611 shares during the period. 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).