A share of Legend Biotech Corporation (NASDAQ:LEGN) closed at $54.23 per share on Tuesday, up from $53.98 day before. While Legend Biotech Corporation has overperformed by 0.46%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, LEGN rose by 38.31%, with highs and lows ranging from $57.72 to $30.75, whereas the simple moving average jumped by 16.82% in the last 200 days.
On December 06, 2022, UBS started tracking Legend Biotech Corporation (NASDAQ: LEGN) recommending Buy. A report published by Evercore ISI on November 02, 2022, Initiated its previous ‘Outperform’ rating for LEGN. BMO Capital Markets initiated its ‘Outperform’ rating for LEGN, as published in its report on June 17, 2022. Barclays’s report from March 15, 2022 suggests a price prediction of $53 for LEGN shares, giving the stock a ‘Overweight’ rating. Morgan Stanley also rated the stock as ‘Overweight’.
Analysis of Legend Biotech Corporation (LEGN)
Further, the quarter-over-quarter increase in sales is 197.80%, showing a positive trend in the upcoming months.
Legend Biotech Corporation’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. Taking into account the quick ratio of the company, currently set at 3.80, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and LEGN is registering an average volume of 672.55K. On a monthly basis, the volatility of the stock is set at 5.90%, whereas on a weekly basis, it is put at 5.93%, with a loss of -1.70% over the past seven days. Furthermore, long-term investors anticipate a median target price of $68.89, showing growth from the present price of $54.23, which can serve as yet another indication of whether LEGN is worth investing in or should be passed over.
How Do You Analyze Legend Biotech Corporation Shares?
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 1.37%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 38.80% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in LEGN shares?
The recent increase in stakes in LEGN appears to be a result of several institutional investors and hedge funds increasing their positions. Fidelity Management & Research Co’s position in LEGN has increased by 91.95% in the first quarter. The company now owns 12,087,063 shares of the stock, with a value of $603.39 million, following the purchase of 5,790,117 additional shares during the last quarter. HHLR Advisors Ltd. made another increased to its shares in LEGN during the first quarter, upping its stake by 15.78%. During the last quarter, the company dropped down 700,000 additional shares for a total stake of worth $256.42 million, bringing number of shares owned by the company to 5,136,617.
During the first quarter, Capital Research & Management Co subtracted a -161,206 position in LEGN. BlackRock Fund Advisors sold an additional 38702.0 shares in the last quarter, decreasing its holdings by -1.56%, now holding 2.44 million shares worth $121.88 million. At the end of the first quarter, Capital Research & Management Co decreased its LEGN holdings by -0.11% and now holds 2.39 million LEGN shares valued at $119.28 million with the lessened 2545.0 shares during the period. LEGN shares are owned by institutional investors to the tune of 38.80% at present.