Legend Biotech Co. (NASDAQ:LEGN – Get Rating)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $53.84, but opened at $55.04. Legend Biotech shares last traded at $54.24, with a volume of 145,117 shares.
Wall Street Analysts Forecast Growth
LEGN has been the subject of several analyst reports. Cowen started coverage on shares of Legend Biotech in a research report on Tuesday, November 1st. They set an "outperform" rating for the company. Evercore ISI assumed coverage on Legend Biotech in a research note on Tuesday, November 1st. They set an "outperform" rating for the company. Guggenheim started coverage on shares of Legend Biotech in a report on Monday, October 31st. They issued a "neutral" rating for the company. UBS Group started coverage on shares of Legend Biotech in a research report on Tuesday, December 6th. They set a "buy" rating and a $66.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Legend Biotech from $61.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, December 6th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $70.14.
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The company has a market capitalization of $8.65 billion, a PE ratio of -44.29 and a beta of -0.13. The business has a 50 day simple moving average of $51.29 and a 200 day simple moving average of $48.00.
Hedge Funds Weigh In On Legend Biotech
Several hedge funds and other institutional investors have recently modified their holdings of LEGN. American International Group Inc. purchased a new position in shares of Legend Biotech during the second quarter worth $33,000. Macquarie Group Ltd. boosted its position in shares of Legend Biotech by 78.5% in the 3rd quarter. Macquarie Group Ltd. now owns 2,951 shares of the company's stock valued at $121,000 after purchasing an additional 1,298 shares during the period. Nomura Holdings Inc. acquired a new position in Legend Biotech in the second quarter valued at $215,000. Dupont Capital Management Corp acquired a new position in shares of Legend Biotech during the fourth quarter worth about $216,000. Finally, Ensign Peak Advisors Inc grew its holdings in Legend Biotech by 157.1% during the third quarter. Ensign Peak Advisors Inc now owns 5,400 shares of the company's stock worth $220,000 after acquiring an additional 3,300 shares during the period. 38.88% of the stock is owned by hedge funds and other institutional investors.About Legend Biotech
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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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