Legend Biotech (NASDAQ:LEGN) Given Overweight Rating at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report sent to investors on Monday morning,Benzinga reports. Piper Sandler currently has a $78.00 target price on the stock.

Several other analysts have also recently commented on LEGN. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Tuesday, December 10th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $80.62.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $32.54 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The stock has a market capitalization of $5.94 billion, a PE ratio of -34.25 and a beta of 0.08. Legend Biotech has a fifty-two week low of $32.08 and a fifty-two week high of $70.13. The company has a fifty day moving average of $39.25 and a two-hundred day moving average of $46.84.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The company’s revenue for the quarter was up 66.9% on a year-over-year basis. As a group, research analysts forecast that Legend Biotech will post -1.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in shares of Legend Biotech in the 3rd quarter valued at $148,000. SG Americas Securities LLC purchased a new stake in Legend Biotech during the third quarter worth about $212,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Legend Biotech during the third quarter worth about $229,000. CIBC Asset Management Inc acquired a new stake in shares of Legend Biotech during the second quarter worth about $283,000. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in shares of Legend Biotech by 31.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock valued at $290,000 after purchasing an additional 1,571 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).