Morgan Stanley Has Lowered Expectations for Legend Biotech (NASDAQ:LEGN) Stock Price

Legend Biotech (NASDAQ:LEGN) had its target price lowered by Morgan Stanley from $82.00 to $80.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms also recently commented on LEGN. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright raised their price target on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Finally, Piper Sandler reissued an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.00.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $38.08 on Monday. The business has a fifty day moving average of $35.94 and a 200 day moving average of $40.45. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of -40.08 and a beta of 0.19. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. Legend Biotech has a 1 year low of $30.17 and a 1 year high of $62.78.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.46. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue was up 134.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.40) earnings per share. As a group, research analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently made changes to their positions in the stock. Avior Wealth Management LLC grew its holdings in shares of Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after purchasing an additional 323 shares in the last quarter. Bridgewater Associates LP grew its position in shares of Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after buying an additional 516 shares during the last quarter. Shell Asset Management Co. grew its position in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after purchasing an additional 800 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Legend Biotech by 12.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock worth $238,000 after purchasing an additional 835 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of Legend Biotech by 14.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after acquiring an additional 837 shares during the period. 70.89% of the stock is currently 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).