Legend Biotech Co. (NASDAQ:LEGN – Get Free Report) gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $65.00 to $85.00. The stock had previously closed at $70.42, but opened at $73.20. Morgan Stanley currently has an overweight rating on the stock. Legend Biotech shares last traded at $75.15, with a volume of 256,804 shares.
A number of other research analysts also recently weighed in on the stock. HC Wainwright upped their price objective on shares of Legend Biotech from $77.00 to $82.00 in a research report on Tuesday, June 6th. Daiwa Capital Markets started coverage on shares of Legend Biotech in a research note on Monday, May 22nd. They issued a “buy” rating for the company. William Blair began coverage on shares of Legend Biotech in a research report on Thursday, May 25th. They set a “market perform” rating and a $64.00 price objective for the company. Royal Bank of Canada raised their price objective on shares of Legend Biotech from $74.00 to $83.00 in a report on Friday, May 19th. Finally, Barclays raised their price objective on shares of Legend Biotech from $65.00 to $90.00 in a research report on Friday, May 19th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and an average target price of $80.40.
Hedge Funds Weigh In On Legend Biotech
Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC increased its position in shares of Legend Biotech by 8.3% in the first quarter. FMR LLC now owns 16,394,677 shares of the company’s stock worth $790,551,000 after acquiring an additional 1,253,099 shares in the last quarter. BlackRock Inc. boosted its stake in Legend Biotech by 6.5% during the 1st quarter. BlackRock Inc. now owns 4,127,953 shares of the company’s stock valued at $199,050,000 after acquiring an additional 250,146 shares during the last quarter. Capital International Investors lifted its position in shares of Legend Biotech by 0.4% in the 1st quarter. Capital International Investors now owns 2,810,737 shares of the company’s stock worth $102,142,000 after buying an additional 11,755 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Legend Biotech by 14.6% in the 1st quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company’s stock worth $94,841,000 after buying an additional 332,773 shares during the last quarter. Finally, RA Capital Management L.P. increased its holdings in shares of Legend Biotech by 4.2% in the 4th quarter. RA Capital Management L.P. now owns 2,436,223 shares of the company’s stock worth $121,616,000 after acquiring an additional 97,613 shares during the period. Institutional investors and hedge funds own 51.27% of the company’s stock.
Legend Biotech Stock Performance
Legend Biotech (NASDAQ:LEGN – Get Free Report) last announced its quarterly earnings data on Thursday, May 18th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.16. The business had revenue of $36.34 million during the quarter, compared to analyst estimates of $37.06 million. As a group, research analysts forecast that Legend Biotech Co. will post -2.47 earnings per share for the current year.
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).
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