JPMorgan Chase & Co. Issues Pessimistic Forecast for Legend Biotech (NASDAQ:LEGN) Stock Price

Legend Biotech (NASDAQ:LEGN) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $78.00 to $76.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 139.75% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. HC Wainwright restated a “buy” rating and set a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th. Royal Bank Of Canada restated an “outperform” rating and set a $77.00 price objective (up from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. Morgan Stanley increased their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 12th. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Tuesday. They set an “overweight” rating and a $40.00 price objective for the company. Finally, UBS Group set a $54.00 target price on shares of Legend Biotech and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.25.

Legend Biotech Trading Down 1.6%

Legend Biotech stock opened at $31.70 on Thursday. The firm has a 50-day moving average of $34.66 and a 200-day moving average of $34.46. Legend Biotech has a one year low of $27.34 and a one year high of $51.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. The company has a market cap of $5.85 billion, a price-to-earnings ratio of -36.02 and a beta of 0.23.

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

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently bought and sold shares of LEGN. Westfield Capital Management Co. LP lifted its position in Legend Biotech by 21.1% during the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company’s stock worth $234,713,000 after acquiring an additional 1,203,871 shares during the last quarter. Artisan Partners Limited Partnership lifted 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 worth $75,319,000 after acquiring an additional 990,500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Legend Biotech by 6,732.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,004,334 shares of the company’s stock worth $34,077,000 after acquiring an additional 989,635 shares during the last quarter. IvyRock Asset Management HK Ltd lifted its position in Legend Biotech by 216.0% during the first quarter. IvyRock Asset Management HK Ltd now owns 844,000 shares of the company’s stock worth $28,637,000 after acquiring an additional 576,900 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in Legend Biotech during the second quarter worth approximately $15,790,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).