Legend Biotech (NASDAQ:LEGN) Coverage Initiated at Redburn Atlantic

Redburn Atlantic started coverage on shares of Legend Biotech (NASDAQ:LEGN) in a report published on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $86.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the stock. TD Cowen lowered their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a buy rating for the company in a research report on Monday, July 15th. Royal Bank of Canada reissued an outperform rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Friday, September 27th. Truist Financial assumed coverage on Legend Biotech in a research report on Monday, June 17th. They set a buy rating and a $88.00 price target on the stock. HC Wainwright restated a buy rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Monday, September 30th. Finally, Piper Sandler reiterated an overweight rating and set a $90.00 target price on shares of Legend Biotech in a report on Monday, June 17th. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $82.08.

Legend Biotech Price Performance

LEGN opened at $50.00 on Tuesday. The business has a fifty day moving average of $52.47 and a 200 day moving average of $49.76. The stock has a market cap of $9.12 billion, a P/E ratio of -64.10 and a beta of 0.10. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. Legend Biotech has a 52-week low of $38.60 and a 52-week high of $70.78.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $125.25 million. During the same period in the previous year, the firm earned ($0.27) earnings per share. The business’s revenue was up 154.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Legend Biotech will post -1.51 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. grew its stake in shares of Legend Biotech by 9.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock valued at $356,000 after purchasing an additional 527 shares during the last quarter. TimesSquare Capital Management LLC raised its position in Legend Biotech by 8.7% during the 1st quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company’s stock worth $64,980,000 after buying an additional 92,611 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Legend Biotech by 21.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock worth $2,949,000 after buying an additional 9,122 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Legend Biotech in the 1st quarter worth $1,949,000. Finally, Janus Henderson Group PLC boosted its holdings in shares of Legend Biotech by 8.0% in the first quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock valued at $112,982,000 after acquiring an additional 148,855 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).