Legend Biotech (NASDAQ:LEGN) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Legend Biotech (NASDAQ:LEGN) from a hold rating to a buy rating in a research note published on Thursday morning, Zacks.com reports. They currently have $46.00 price objective on the stock.

According to Zacks, “Legend Biotech Corporation is a clinical-stage biopharmaceutical company. It engaged in the discovery and development of novel cell therapies for oncology and other indications. The company’s lead product consist LCAR-B38M/JNJ-4528, which are in clinical stage. Legend Biotech Corporation is based in Cayman Islands. “

A number of other research analysts have also recently commented on LEGN. BTIG Research began coverage on Legend Biotech in a research report on Monday, May 17th. They set a buy rating and a $55.00 price target on the stock. Morgan Stanley dropped their price target on Legend Biotech from $55.00 to $50.00 and set an overweight rating on the stock in a research report on Monday, April 19th. Five analysts have rated the stock with a buy rating, Legend Biotech currently has a consensus rating of Buy and an average price target of $49.60.

Shares of NASDAQ LEGN opened at $40.34 on Thursday. Legend Biotech has a one year low of $23.41 and a one year high of $43.24. The company’s fifty day moving average price is $34.70. The stock has a market cap of $5.37 billion and a PE ratio of -28.81.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Monday, May 17th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.05. Legend Biotech had a negative return on equity of 85.12% and a negative net margin of 437.14%. On average, equities analysts predict that Legend Biotech will post -0.91 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board bought a new stake in shares of Legend Biotech during the 1st quarter valued at $3,654,000. Voloridge Investment Management LLC bought a new stake in shares of Legend Biotech during the 1st quarter valued at $1,314,000. Point72 Asset Management L.P. bought a new stake in shares of Legend Biotech during the 1st quarter valued at $47,570,000. Jane Street Group LLC bought a new stake in shares of Legend Biotech during the 1st quarter valued at $3,752,000. Finally, Rock Springs Capital Management LP raised its stake in shares of Legend Biotech by 1.0% during the 1st quarter. Rock Springs Capital Management LP now owns 312,618 shares of the company’s stock valued at $9,072,000 after purchasing an additional 3,200 shares during the period. Institutional investors own 19.83% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development of novel cell therapies for oncology and other indications in North America and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM), as well as a comparison of the treatment with standard triplet therapy in relapsed and refractory multiple myeloma.

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