Legend Biotech (NASDAQ:LEGN) PT Raised to $65.00

Legend Biotech (NASDAQ:LEGN – Get Rating) had its price objective lifted by investment analysts at Barclays from $53.00 to $65.00 in a research report issued to clients and investors on Wednesday, The Fly reports. Barclays‘s target price would suggest a potential upside of 19.86% from the company’s current price.

A number of other brokerages also recently issued reports on LEGN. Evercore ISI started coverage on Legend Biotech in a research report on Tuesday, November 1st. They set an “outperform” rating for the company. UBS Group started coverage on Legend Biotech in a research report on Tuesday, December 6th. They set a “buy” rating and a $66.00 price target for the company. Piper Sandler lifted their price target on Legend Biotech from $72.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, December 20th. Guggenheim initiated coverage on Legend Biotech in a research report on Monday, October 31st. They set a “neutral” rating for the company. Finally, JPMorgan Chase & Co. raised their price objective on Legend Biotech from $61.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, December 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.14.

Legend Biotech Stock Up 0.5 %

Shares of NASDAQ LEGN opened at $54.23 on Wednesday. Legend Biotech has a 52 week low of $30.75 and a 52 week high of $57.72. The business has a 50-day simple moving average of $51.16 and a two-hundred day simple moving average of $47.95. The company has a market cap of $8.90 billion, a P/E ratio of -45.57 and a beta of -0.13.

Hedge Funds Weigh In On Legend Biotech

A number of large investors have recently bought and sold shares of the stock. FMR LLC increased its stake in Legend Biotech by 174.8% in the 2nd quarter. FMR LLC now owns 6,663,704 shares of the company’s stock worth $366,505,000 after purchasing an additional 4,239,041 shares during the period. BlackRock Inc. increased its stake in Legend Biotech by 18.5% in the 3rd quarter. BlackRock Inc. now owns 3,731,782 shares of the company’s stock worth $152,256,000 after purchasing an additional 583,851 shares during the period. Capital International Investors increased its stake in Legend Biotech by 0.4% in the 1st quarter. Capital International Investors now owns 2,810,737 shares of the company’s stock worth $102,142,000 after purchasing an additional 11,755 shares during the period. Wellington Management Group LLP increased its stake in Legend Biotech by 14.6% in the 1st quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company’s stock worth $94,841,000 after purchasing an additional 332,773 shares during the period. Finally, Federated Hermes Inc. increased its stake in Legend Biotech by 10.6% in the 3rd quarter. Federated Hermes Inc. now owns 2,338,800 shares of the company’s stock worth $95,423,000 after purchasing an additional 225,000 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.