Legend Biotech (NASDAQ:LEGN) Given “Neutral” Rating at Guggenheim

Guggenheim reiterated their neutral rating on shares of Legend Biotech (NASDAQ:LEGN) in a report published on Wednesday morning,Benzinga reports.

Several other equities analysts have also recently issued reports on the company. Piper Sandler reissued an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. HC Wainwright boosted their price objective on Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Legend Biotech presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.67.

Legend Biotech Stock Up 2.8 %

Legend Biotech stock opened at $38.24 on Wednesday. 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 business’s 50-day simple moving average is $35.59 and its two-hundred day simple moving average is $41.12. The company has a market cap of $6.98 billion, a PE ratio of -40.25 and a beta of 0.19. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $69.24.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share 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 return on equity of 29.69% and a negative net margin of 66.92%. The company’s quarterly revenue was up 134.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.40) EPS. Equities analysts anticipate that Legend Biotech will post -1.31 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in LEGN. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Legend Biotech by 9.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock valued at $8,636,000 after acquiring an additional 14,672 shares during the last quarter. Aigen Investment Management LP acquired a new position in shares of Legend Biotech during the third quarter valued at approximately $300,000. Thrivent Financial for Lutherans raised its holdings in shares of Legend Biotech by 38.3% during the third quarter. Thrivent Financial for Lutherans now owns 121,377 shares of the company’s stock valued at $5,915,000 after acquiring an additional 33,585 shares during the last quarter. Swiss National Bank raised its holdings in shares of Legend Biotech by 3.3% during the third quarter. Swiss National Bank now owns 165,194 shares of the company’s stock valued at $8,050,000 after acquiring an additional 5,200 shares during the last quarter. Finally, Avior Wealth Management LLC raised its holdings in shares of Legend Biotech by 3.0% during the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after acquiring an additional 323 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).