Daiwa Capital Markets Initiates Coverage on Legend Biotech (NASDAQ:LEGN)

Daiwa Capital Markets initiated coverage on shares of Legend Biotech (NASDAQ:LEGN – Get Rating) in a research report sent to investors on Monday morning, The Fly reports. The firm issued a buy rating on the stock.

A number of other equities analysts have also recently commented on LEGN. Barclays boosted their price target on Legend Biotech from $65.00 to $90.00 in a report on Friday, May 19th. JPMorgan Chase & Co. raised their price target on shares of Legend Biotech from $65.00 to $76.00 and gave the company an overweight rating in a research note on Wednesday, April 19th. HC Wainwright upped their price objective on shares of Legend Biotech from $66.00 to $77.00 and gave the stock a buy rating in a research report on Thursday, April 20th. BMO Capital Markets raised their target price on shares of Legend Biotech from $79.00 to $90.00 in a research report on Tuesday, April 25th. Finally, BTIG Research increased their price target on Legend Biotech from $75.00 to $85.00 and gave the company a buy rating in a research note on Thursday, April 20th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $77.40.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $63.28 on Monday. Legend Biotech has a 1 year low of $37.30 and a 1 year high of $73.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.84 and a quick ratio of 3.79. The company’s 50 day simple moving average is $59.13 and its 200 day simple moving average is $53.27.

Institutional Trading of Legend Biotech

Several institutional investors have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. acquired a new position in shares of Legend Biotech in the 4th quarter worth approximately $4,018,000. Caisse DE Depot ET Placement DU Quebec boosted its position in Legend Biotech by 1.9% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,853 shares of the company’s stock valued at $728,000 after acquiring an additional 328 shares during the last quarter. First Trust Advisors LP boosted its position in Legend Biotech by 30.5% during the fourth quarter. First Trust Advisors LP now owns 326,651 shares of the company’s stock valued at $16,306,000 after acquiring an additional 76,315 shares during the last quarter. Federated Hermes Inc. grew its holdings in Legend Biotech by 10.6% during the 3rd quarter. Federated Hermes Inc. now owns 2,338,800 shares of the company’s stock worth $95,423,000 after acquiring an additional 225,000 shares during the period. Finally, EFG Asset Management Americas Corp. raised its position in shares of Legend Biotech by 8.8% in the 4th quarter. EFG Asset Management Americas Corp. now owns 7,138 shares of the company’s stock worth $356,000 after acquiring an additional 575 shares in the last quarter. 38.88% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

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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.