Legend Biotech (NASDAQ:PLRX) Trading Up 5.7%

Legend Biotech Corporation (NASDAQ:PLRX)’s share price rose 5.7% during mid-day trading on Wednesday . The stock traded as high as $27.95 and last traded at $27.46. Approximately 185,859 shares were traded during mid-day trading, an increase of 43% from the average daily volume of 130,080 shares. The stock had previously closed at $25.99.

PLRX has been the subject of a number of research reports. Citigroup initiated coverage on Legend Biotech in a report on Monday, June 29th. They set a “buy” rating and a $40.00 price objective for the company. Cowen initiated coverage on Legend Biotech in a report on Monday, June 29th. They set an “outperform” rating for the company. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price objective on shares of Legend Biotech in a report on Wednesday, August 12th. Finally, Piper Sandler initiated coverage on Legend Biotech in a report on Monday, June 29th. They set an “overweight” rating and a $50.00 price objective for the company.

The firm has a fifty day moving average price of $24.87.

Legend Biotech (NASDAQ:PLRX) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($1.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.77) by ($0.62). As a group, analysts predict that Legend Biotech Corporation will post -3.53 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. TRV GP Iii LLC acquired a new stake in shares of Legend Biotech in the second quarter valued at approximately $189,539,000. FMR LLC acquired a new position in Legend Biotech during the 2nd quarter worth about $173,100,000. CHI Advisors LLC acquired a new position in shares of Legend Biotech in the 2nd quarter valued at about $74,853,000. TRV GP IV LLC acquired a new position in Legend Biotech during the 2nd quarter worth approximately $69,233,000. Finally, Cormorant Asset Management LP bought a new stake in Legend Biotech during the 2nd quarter worth approximately $18,812,000. Hedge funds and other institutional investors own 76.91% of the company’s stock.

Legend Biotech Company Profile (NASDAQ:PLRX)

Pliant Therapeutics, Inc, a biotechnology company, discovers, develops, and commercializes treatments for fibrotic diseases. The company focuses on tissue-specific integrin modulation and EMT inhibition fibrosis diseases in lungs, liver, muscle, kidney, skin, heart, and the gastrointestinal tract. Its pipeline includes PLN-74809, an inhibitor of aVß1/aVß6 for idiopathic pulmonary fibrosis and primary sclerosing cholangitis; and PLN-1474, an inhibitor of TGF-ß activation by the integrin aVß1 for the treatment of end-stage liver fibrosis in NASH.

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