Legend Biotech Co. (NASDAQ:LEGN) Receives $73.56 Average Target Price from Analysts

Posted by Defense World Staff on Apr 28th, 2023

Shares of Legend Biotech Co. (NASDAQ:LEGN – Get Rating) have been assigned an average rating of “Moderate Buy” from the thirteen analysts that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $75.00.

Several research firms have commented on LEGN. JPMorgan Chase & Co. increased their target price on shares of Legend Biotech from $65.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. Barclays raised their price objective on shares of Legend Biotech from $53.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, January 25th. Morgan Stanley raised their price objective on shares of Legend Biotech from $60.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, January 24th. Royal Bank of Canada assumed coverage on shares of Legend Biotech in a report on Friday, March 24th. They set an “outperform” rating and a $73.00 price objective for the company. Finally, HC Wainwright raised their price objective on shares of Legend Biotech from $66.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, April 20th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LEGN. E Fund Management Hong Kong Co. Ltd. boosted its holdings in Legend Biotech by 197.1% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 26,523 shares of the company’s stock valued at $1,079,000 after purchasing an additional 17,596 shares during the period. Bank of New York Mellon Corp lifted its stake in Legend Biotech by 19.2% in the 1st quarter. Bank of New York Mellon Corp now owns 37,900 shares of the company’s stock valued at $1,377,000 after purchasing an additional 6,100 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Legend Biotech in the 1st quarter valued at approximately $432,000. BlackRock Inc. lifted its stake in Legend Biotech by 26.6% in the 1st quarter. BlackRock Inc. now owns 3,046,229 shares of the company’s stock valued at $110,701,000 after purchasing an additional 639,828 shares during the last quarter. Finally, APG Asset Management N.V. bought a new position in Legend Biotech in the 1st quarter valued at approximately $353,000. Institutional investors and hedge funds own 38.88% of the company’s stock.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $68.82 on Tuesday. The stock has a market cap of $11.36 billion, a price-to-earnings ratio of -46.50 and a beta of -0.08. Legend Biotech has a 12 month low of $32.87 and a 12 month high of $70.00. The stock’s 50 day moving average price is $50.37 and its 200 day moving average price is $50.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.69 and a quick ratio of 3.66.

Legend Biotech (NASDAQ:LEGN – Get Rating) last posted its quarterly earnings data on Friday, February 17th. The company reported ($0.41) earnings per share for the quarter. The business had revenue of $11.97 million for the quarter. Equities research analysts anticipate that Legend Biotech will post -2.16 earnings per share for the current fiscal year.

About Legend Biotech

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Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development 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), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma.