Analysts Set Legend Biotech Co. (NASDAQ:LEGN) Price Target at $82.70

Shares of Legend Biotech Co. (NASDAQ:LEGN) have received an average recommendation of “Moderate Buy” from the fourteen analysts that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $82.70.

A number of research firms have issued reports on LEGN. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. Cantor Fitzgerald began coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price on the stock. Scotiabank began coverage on Legend Biotech in a research report on Tuesday, December 19th. They issued a “sector perform” rating and a $65.00 price target for the company. Barclays lifted their price objective on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Finally, Raymond James initiated coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price for the company.

Legend Biotech Stock Performance

Shares of LEGN opened at $51.71 on Tuesday. Legend Biotech has a one year low of $51.07 and a one year high of $77.32. The company has a market cap of $9.41 billion, a PE ratio of -34.94 and a beta of 0.01. The stock has a 50-day moving average of $60.22 and a 200-day moving average of $61.27. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $95.63 million. The company’s revenue for the quarter was up 177.2% compared to the same quarter last year. On average, equities research analysts predict that Legend Biotech will post -1.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of LEGN. Price T Rowe Associates Inc. MD increased its position in Legend Biotech by 11.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company’s stock worth $650,332,000 after buying an additional 1,114,848 shares during the last quarter. RA Capital Management L.P. increased its holdings in Legend Biotech by 157.1% in the 2nd quarter. RA Capital Management L.P. now owns 6,264,707 shares of the company’s stock worth $432,453,000 after acquiring an additional 3,828,484 shares during the last quarter. BlackRock Inc. increased its holdings in Legend Biotech by 14.9% in the 2nd quarter. BlackRock Inc. now owns 4,743,594 shares of the company’s stock worth $327,450,000 after acquiring an additional 615,641 shares during the last quarter. Capital International Investors raised its stake in Legend Biotech by 0.4% in the 1st quarter. Capital International Investors now owns 2,810,737 shares of the company’s stock valued at $102,142,000 after acquiring an additional 11,755 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Legend Biotech by 14.6% during the first quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company’s stock valued at $94,841,000 after purchasing an additional 332,773 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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).