Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Still a Buy?

Legend Biotech Co. (NASDAQ:LEGN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $32.11, but opened at $33.96. Legend Biotech shares last traded at $34.46, with a volume of 634,428 shares.

Analysts Set New Price Targets

A number of brokerages recently commented on LEGN. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price target on shares of Legend Biotech in a report on Tuesday, April 8th. Morgan Stanley dropped their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Piper Sandler restated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Stock Performance

The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $6.24 billion, a PE ratio of -35.87 and a beta of 0.21. The firm’s 50-day simple moving average is $35.21 and its 200-day simple moving average is $38.06.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s quarterly revenue was up 134.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.40) earnings per share. On average, research analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after purchasing an additional 765 shares during the period. GF Fund Management CO. LTD. purchased a new position in Legend Biotech during the fourth quarter valued at approximately $56,000. Signaturefd LLC raised its stake in Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares in the last quarter. Shell Asset Management Co. raised its stake in Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after buying an additional 800 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new stake in Legend Biotech during the fourth quarter worth $77,000. 70.89% of the stock is currently owned by institutional investors.

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).