Legend Biotech (NASDAQ:LEGN) Trading 5.5% Higher – Here’s Why
by Sarita Garza · The Markets DailyShares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN – Get Free Report) shot up 5.5% on Friday . The stock traded as high as $19.00 and last traded at $18.73. 724,189 shares were traded during trading, a decline of 73% from the average session volume of 2,634,787 shares. The stock had previously closed at $17.75.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on LEGN. Morgan Stanley reduced their target price on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $66.00 price target on shares of Legend Biotech in a research note on Tuesday, January 20th. Oppenheimer assumed coverage on Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 target price for the company. Barclays reduced their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. Finally, Jefferies Financial Group set a $21.00 price objective on shares of Legend Biotech in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.08.
View Our Latest Stock Report on Legend Biotech
Legend Biotech Stock Performance
The stock has a 50-day simple moving average of $19.67 and a 200-day simple moving average of $26.96. The stock has a market cap of $3.47 billion, a PE ratio of -28.88 and a beta of 0.07. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80.
Institutional Investors Weigh In On Legend Biotech
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Suvretta Capital Management LLC increased its position in shares of Legend Biotech by 73.1% in the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after purchasing an additional 2,790,620 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock worth $134,020,000 after buying an additional 70,191 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Legend Biotech by 20.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after acquiring an additional 425,684 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Legend Biotech by 120.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after buying an additional 1,188,449 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Legend Biotech by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after acquiring an additional 72,371 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.
Legend Biotech Company Profile
Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.
The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.