Legend Biotech (NASDAQ:LEGN) Trading Up 7.7% – Here’s What Happened

Legend Biotech Co. (NASDAQ:LEGN)’s stock price was up 7.7% during trading on Tuesday . The stock traded as high as $47.79 and last traded at $46.98. Approximately 814,280 shares traded hands during trading, a decline of 23% from the average daily volume of 1,057,632 shares. The stock had previously closed at $43.61.

Analyst Ratings Changes

Several equities analysts have recently commented on LEGN shares. 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 note on Monday, July 15th. HC Wainwright reiterated a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Tuesday, October 29th. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. Finally, Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech has an average rating of “Buy” and an average target price of $81.46.

Legend Biotech Trading Down 7.2 %

The company has a market cap of $7.55 billion, a P/E ratio of -53.06 and a beta of 0.11. The stock’s 50-day moving average is $48.52 and its two-hundred day moving average is $48.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $125.25 million. During the same period last year, the firm earned ($0.27) earnings per share. The company’s quarterly revenue was up 154.4% on a year-over-year basis. As a group, equities research analysts predict that Legend Biotech Co. will post -1.48 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. raised its position in shares of 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 purchasing an additional 806 shares during the period. American International Group Inc. grew its stake in 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 Legend Biotech during the second quarter valued at $71,000. California State Teachers Retirement System grew its stake in Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after acquiring an additional 2,216 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Legend Biotech during the first quarter valued at $203,000. 70.89% of the stock is currently owned by 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).