Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been assigned a consensus rating of “Moderate Buy” from the eleven research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $69.25.

A number of equities analysts have weighed in on LEGN shares. Royal Bank Of Canada restated an “outperform” rating and issued a $77.00 price target (up previously from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Cantor Fitzgerald assumed coverage on Legend Biotech in a research note on Tuesday. They set an “overweight” rating and a $40.00 target price for the company. UBS Group set a $54.00 target price on Legend Biotech and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Johnson Rice reiterated a “buy” rating on shares of Legend Biotech in a research note on Thursday, July 17th. Finally, Morgan Stanley increased their target price on Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, August 12th.

Legend Biotech Stock Down 1.6%

NASDAQ LEGN opened at $31.70 on Friday. The stock has a market cap of $5.85 billion, a PE ratio of -36.02 and a beta of 0.23. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $51.77. The business has a 50 day moving average price of $34.66 and a two-hundred day moving average price of $34.46. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). The company had revenue of $255.06 million during the quarter, compared to analysts’ expectations of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The firm’s revenue was up 36.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) EPS. As a group, sell-side analysts predict that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently made changes to their positions in LEGN. GAMMA Investing LLC raised its position in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after acquiring an additional 765 shares in the last quarter. Quarry LP acquired a new stake in shares of Legend Biotech during the 1st quarter valued at approximately $48,000. Brooklyn Investment Group raised its position in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock valued at $59,000 after acquiring an additional 1,583 shares in the last quarter. GF Fund Management CO. LTD. raised its position in shares of Legend Biotech by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock valued at $71,000 after acquiring an additional 377 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its position in shares of Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after acquiring an additional 1,890 shares in 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).