Legend Biotech (NASDAQ:LEGN) Given New $90.00 Price Target at Barclays

Legend Biotech (NASDAQ:LEGN) had its target price lowered by investment analysts at Barclays from $94.00 to $90.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 189.49% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. dropped their target price on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. HC Wainwright cut their price target on shares of Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 17th. Johnson Rice set a $60.00 target price on shares of Legend Biotech in a report on Friday, October 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Legend Biotech in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their price objective on Legend Biotech from $75.00 to $74.00 and set an “outperform” rating for the company in a research note on Thursday. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.10.

Legend Biotech Stock Performance

NASDAQ:LEGN traded down $0.08 during midday trading on Thursday, reaching $31.09. The stock had a trading volume of 2,543,626 shares, compared to its average volume of 1,414,463. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. The stock has a market cap of $5.74 billion, a P/E ratio of -35.33 and a beta of 0.17. The firm has a fifty day simple moving average of $32.84 and a two-hundred day simple moving average of $34.38. Legend Biotech has a 12-month low of $27.34 and a 12-month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm had revenue of $255.06 million during the quarter, compared to analysts’ expectations of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The firm’s revenue was up 36.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS. On average, equities analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. grew its stake in Legend Biotech by 26.6% in the second quarter. Harbor Capital Advisors Inc. now owns 50,056 shares of the company’s stock worth $1,776,000 after purchasing an additional 10,519 shares in the last quarter. Voya Investment Management LLC bought a new position in Legend Biotech during the 1st quarter worth approximately $537,000. Vontobel Holding Ltd. acquired a new position in shares of Legend Biotech in the 2nd quarter worth approximately $382,000. Advisors Asset Management Inc. raised its position in shares of Legend Biotech by 193.5% during the 1st quarter. Advisors Asset Management Inc. now owns 19,825 shares of the company’s stock valued at $673,000 after acquiring an additional 13,070 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Legend Biotech by 2.2% during the first quarter. Alliancebernstein L.P. now owns 1,508,252 shares of the company’s stock worth $51,175,000 after purchasing an additional 32,101 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

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).