Morgan Stanley Issues Pessimistic Forecast for Legend Biotech (NASDAQ:LEGN) Stock Price

Legend Biotech (NASDAQ:LEGN) had its price target lowered by investment analysts at Morgan Stanley from $82.00 to $80.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 109.95% from the stock’s current price.

LEGN has been the subject of a number of other reports. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Finally, HC Wainwright increased their price target on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $79.17.

Legend Biotech Stock Up 2.4 %

NASDAQ LEGN traded up $0.91 during trading hours on Monday, hitting $38.11. The company had a trading volume of 303,169 shares, compared to its average volume of 1,171,785. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $65.45. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of -40.18 and a beta of 0.19. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm’s 50 day moving average is $35.68 and its 200 day moving average is $40.74.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. During the same period in the prior year, the firm earned ($0.40) EPS. The firm’s quarterly revenue was up 134.6% compared to the same quarter last year. Sell-side analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several large investors have recently made changes to their positions in LEGN. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Legend Biotech by 9.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock valued at $8,636,000 after purchasing an additional 14,672 shares during the period. Thrivent Financial for Lutherans increased its stake 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 period. Swiss National Bank increased its stake 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 period. Avior Wealth Management LLC increased its stake 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 period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Legend Biotech during the third quarter valued at approximately $316,000. Institutional investors and hedge funds 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).