Legend Biotech (NASDAQ:LEGN – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $44.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 2.97% from the company’s current price.

According to Zacks, “Legend Biotech Corporation is a clinical-stage biopharmaceutical company. It engaged in the discovery and development of novel cell therapies for oncology and other indications. The company’s lead product consist LCAR-B38M/JNJ-4528, which are in clinical stage. Legend Biotech Corporation is based in Cayman Islands. “

LEGN has been the subject of a number of other reports. Barclays began coverage on Legend Biotech in a report on Tuesday, March 15th. They issued an “overweight” rating and a $53.00 price target for the company. BTIG Research boosted their price objective on Legend Biotech from $65.00 to $75.00 in a research report on Tuesday, March 1st. Finally, Morgan Stanley upped their price target on Legend Biotech from $51.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, March 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $58.60.

Shares of LEGN opened at $42.73 on Tuesday. Legend Biotech has a twelve month low of $30.75 and a twelve month high of $58.00. The firm has a market cap of $6.59 billion, a PE ratio of -31.42 and a beta of -0.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.38 and a current ratio of 3.39. The firm’s 50 day moving average price is $39.08 and its 200 day moving average price is $42.11.

Legend Biotech (NASDAQ:LEGN – Get Rating) last announced its earnings results on Friday, March 18th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.03). Legend Biotech had a negative return on equity of 131.45% and a negative net margin of 429.40%. The company had revenue of $39.00 million for the quarter, compared to the consensus estimate of $13.23 million. On average, sell-side analysts anticipate that Legend Biotech will post -1.63 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN purchased a new position in shares of Legend Biotech during the fourth quarter valued at approximately $62,000. Rockefeller Capital Management L.P. bought a new position in Legend Biotech during the third quarter worth about $75,000. Ensign Peak Advisors Inc bought a new position in shares of Legend Biotech in the fourth quarter valued at approximately $89,000. Daiwa Securities Group Inc. boosted its position in shares of Legend Biotech by 2,373.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,696 shares of the company’s stock valued at $126,000 after acquiring an additional 2,587 shares during the period. Finally, AlphaCentric Advisors LLC purchased a new stake in Legend Biotech in the fourth quarter valued at approximately $140,000.

About Legend Biotech (Get Rating)

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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