Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Here’s Why

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $18.12, but opened at $21.07. Legend Biotech shares last traded at $20.8340, with a volume of 1,848,142 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LEGN. HC Wainwright decreased their target price on Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, January 22nd. TD Cowen reaffirmed a “hold” rating and issued a $21.00 price target (down from $62.00) on shares of Legend Biotech in a research note on Thursday, January 22nd. UBS Group lowered their price objective on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research report on Monday, December 29th. Finally, Morgan Stanley dropped their price objective on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus price target of $55.08.

Legend Biotech Trading Up 1.1%

The stock has a fifty day moving average of $20.19 and a 200 day moving average of $27.73. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. The company has a market capitalization of $3.64 billion, a P/E ratio of -30.34 and a beta of 0.10.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently modified their holdings of LEGN. Suvretta Capital Management LLC increased its stake in Legend Biotech by 73.1% in the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after buying an additional 2,790,620 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Legend Biotech by 120.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock worth $47,274,000 after acquiring an additional 1,188,449 shares during the last quarter. Davern Capital Partners LP bought a new position in shares of Legend Biotech during the 4th quarter valued at approximately $22,972,000. Artisan Partners Limited Partnership increased its position in Legend Biotech by 87.5% during the second quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock valued at $75,319,000 after acquiring an additional 990,500 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in Legend Biotech by 4,129.8% during the 4th quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock valued at $16,434,000 after purchasing an additional 738,081 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.