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

Zacks Investment Research upgraded shares of Legend Biotech (NASDAQ:LEGNGet Rating) from a sell rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

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. “

Several other equities research analysts have also recently weighed in on the company. Barclays assumed coverage on Legend Biotech in a research note on Tuesday, March 15th. They set an overweight rating and a $53.00 target price for the company. BTIG Research boosted their target price on Legend Biotech from $65.00 to $75.00 in a research note on Tuesday, March 1st. Finally, Morgan Stanley boosted their target price on Legend Biotech from $51.00 to $55.00 and gave the stock an overweight rating in a research note on Monday, March 7th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Legend Biotech presently has an average rating of Buy and a consensus target price of $59.00.

Shares of Legend Biotech stock opened at $39.36 on Tuesday. Legend Biotech has a one year low of $29.13 and a one year high of $58.00. The company has a market cap of $6.07 billion, a PE ratio of -28.94 and a beta of -0.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.38 and a current ratio of 3.39. The business has a 50-day simple moving average of $38.32 and a 200-day simple moving average of $42.75.

Legend Biotech (NASDAQ:LEGNGet Rating) last announced its quarterly earnings data on Friday, March 18th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.03). Legend Biotech had a negative return on equity of 131.45% and a negative net margin of 429.40%. The company had revenue of $39.00 million for the quarter, compared to analyst estimates of $13.23 million. On average, sell-side analysts predict that Legend Biotech will post -1.63 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of LEGN. Wells Fargo & Company MN acquired a new position in shares of Legend Biotech in the 4th quarter valued at $62,000. Rockefeller Capital Management L.P. acquired a new position in Legend Biotech in the third quarter valued at $75,000. Ensign Peak Advisors Inc acquired a new position in Legend Biotech in the fourth quarter valued at $89,000. Daiwa Securities Group Inc. raised its holdings in shares of Legend Biotech by 2,373.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,696 shares of the company’s stock valued at $126,000 after buying an additional 2,587 shares during the last quarter. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Legend Biotech during the fourth quarter worth about $140,000.

About Legend Biotech (Get Rating)

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 the United States, China, 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 revlimid-refractory multiple myeloma.

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