Scotiabank Upgrades Legend Biotech (NASDAQ:LEGN) to Sector Outperform

Scotiabank upgraded shares of Legend Biotech (NASDAQ:LEGN) from a sector perform rating to a sector outperform rating in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage currently has $65.00 target price on the stock.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald began coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an overweight rating and a $82.00 price target on the stock. HC Wainwright reissued a buy rating and set a $87.00 target price on shares of Legend Biotech in a research report on Tuesday. UBS Group raised their target price on Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a research report on Monday, March 18th. Raymond James began coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an outperform rating and a $86.00 target price on the stock. Finally, Royal Bank of Canada reissued an outperform rating and set a $85.00 target price on shares of Legend Biotech in a research report on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $82.70.

Legend Biotech Price Performance

LEGN stock opened at $48.83 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. The firm has a market capitalization of $8.88 billion, a P/E ratio of -32.99 and a beta of 0.01. The business’s 50-day moving average is $59.84 and its two-hundred day moving average is $61.06. Legend Biotech has a 1 year low of $48.03 and a 1 year high of $77.32.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. The company had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The company’s quarterly revenue was up 177.2% compared to the same quarter last year. Analysts anticipate that Legend Biotech will post -1.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BluePath Capital Management LLC purchased a new stake in shares of Legend Biotech in the third quarter valued at approximately $32,000. Coppell Advisory Solutions LLC acquired a new position in Legend Biotech during the second quarter worth $41,000. American International Group Inc. acquired a new position in Legend Biotech during the second quarter worth $33,000. Lazard Asset Management LLC acquired a new position in Legend Biotech during the fourth quarter worth $33,000. Finally, Quarry LP acquired a new position in Legend Biotech during the fourth quarter worth $45,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization 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).