Analysts Set Legend Biotech Co. (NASDAQ:LEGN) Target Price at $81.46

Legend Biotech Co. (NASDAQ:LEGN) has been given a consensus recommendation of “Buy” by the thirteen ratings firms that are covering the firm, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have covered the stock in the last year is $81.46.

A number of research analysts recently issued reports on LEGN shares. Redburn Atlantic began coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, November 13th. Scotiabank raised their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th.

Legend Biotech Stock Up 3.0 %

Shares of Legend Biotech stock opened at $40.94 on Wednesday. The company’s 50 day moving average price is $44.92 and its 200-day moving average price is $48.07. Legend Biotech has a 52-week low of $36.92 and a 52-week high of $70.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of -43.09 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.17) earnings per share. Equities research analysts forecast that Legend Biotech will post -1.23 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently made changes to their positions in the business. Blue Trust Inc. increased its position in Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after buying an additional 806 shares in the last quarter. American International Group Inc. increased its holdings in shares of Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after acquiring an additional 300 shares in the last quarter. AM Squared Ltd purchased a new position in shares of Legend Biotech in the 2nd quarter worth about $71,000. Quantbot Technologies LP bought a new position in Legend Biotech in the 3rd quarter worth about $148,000. Finally, California State Teachers Retirement System grew its position in Legend Biotech by 196.3% during the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after purchasing an additional 2,216 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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).