Legend Biotech (NASDAQ:LEGN) Shares Up 8% – Here’s Why

Legend Biotech Co. (NASDAQ:LEGN)’s share price traded up 8% on Tuesday . The company traded as high as $36.91 and last traded at $36.74. 458,105 shares were traded during trading, a decline of 61% from the average session volume of 1,179,024 shares. The stock had previously closed at $34.03.

Analyst Ratings Changes

Several equities research analysts recently commented on LEGN shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler reissued an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Tuesday, January 21st. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $79.50.

Legend Biotech Stock Up 9.3 %

The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $6.79 billion, a PE ratio of -39.15 and a beta of 0.19. The stock has a 50-day simple moving average of $35.38 and a 200-day simple moving average of $41.28.

Institutional Trading of Legend Biotech

Several hedge funds and other institutional investors have recently modified their holdings of LEGN. Avior Wealth Management LLC lifted its holdings in Legend Biotech by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after purchasing an additional 323 shares in the last quarter. Bridgewater Associates LP increased its position in shares of Legend Biotech by 0.3% during the third 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 period. Shell Asset Management Co. boosted its position in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after acquiring an additional 800 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings 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 acquiring an additional 835 shares during the period. Finally, Advisors Asset Management Inc. lifted its stake in 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 purchasing an additional 837 shares in the last quarter. Institutional investors 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).