Cantor Fitzgerald Raises Legend Biotech (NASDAQ:LEGN) Price Target to $75.00

Legend Biotech (NASDAQ:LEGN) had its target price increased by stock analysts at Cantor Fitzgerald from $66.00 to $75.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 147.61% from the stock’s previous close.

Several other research analysts also recently commented on LEGN. Johnson Rice set a $60.00 price objective on Legend Biotech in a research note on Friday, October 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $77.00 price objective (up previously from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. Morgan Stanley upped their price target on Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Legend Biotech in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $72.10.

Legend Biotech Stock Down 2.3%

NASDAQ:LEGN opened at $30.29 on Thursday. The company’s fifty day moving average price is $32.64 and its 200-day moving average price is $34.32. The firm has a market capitalization of $5.59 billion, a P/E ratio of -46.60 and a beta of 0.17. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. Legend Biotech has a 1-year low of $27.34 and a 1-year high of $45.30.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. Legend Biotech had a negative return on equity of 24.35% and a negative net margin of 26.37%.Legend Biotech’s quarterly revenue was up 70.0% on a year-over-year basis. During the same period last year, the business earned ($0.34) earnings per share. As a group, equities research analysts anticipate that Legend Biotech will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning increased its holdings in shares of Legend Biotech by 4.6% in the 3rd quarter. Creative Planning now owns 45,307 shares of the company’s stock valued at $1,477,000 after acquiring an additional 1,999 shares during the period. Raymond James Financial Inc. boosted its stake in shares of Legend Biotech by 1,806.1% during the third quarter. Raymond James Financial Inc. now owns 41,744 shares of the company’s stock worth $1,361,000 after buying an additional 39,554 shares during the period. Caisse de depot et placement du Quebec purchased a new position in shares of Legend Biotech in the 3rd quarter valued at approximately $858,000. Man Group plc grew its position in Legend Biotech by 122.4% in the 3rd quarter. Man Group plc now owns 33,804 shares of the company’s stock valued at $1,102,000 after buying an additional 18,604 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Legend Biotech by 54.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 145,647 shares of the company’s stock worth $4,750,000 after buying an additional 51,523 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).