Legend Biotech (NASDAQ:LEGN) Receives Outperform Rating from BMO Capital Markets

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reiterated by investment analysts at BMO Capital Markets in a report released on Wednesday, Benzinga reports. They currently have a $90.00 price target on the stock. BMO Capital Markets’ target price would suggest a potential upside of 96.04% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft began coverage on Legend Biotech in a research note on Thursday, May 23rd. They issued a “buy” rating and a $60.00 price objective on the stock. Truist Financial assumed coverage on shares of Legend Biotech in a research note on Monday, June 17th. They set a “buy” rating and a $88.00 price objective on the stock. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price for the company in a research note on Wednesday, April 17th. Raymond James began coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a report on Wednesday. Fourteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Legend Biotech presently has an average rating of “Buy” and an average target price of $82.31.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $45.91 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 5.57 and a current ratio of 5.66. The firm’s 50-day moving average is $43.76 and its 200-day moving average is $53.37. Legend Biotech has a 52-week low of $38.60 and a 52-week high of $77.32. The company has a market cap of $8.37 billion, a price-to-earnings ratio of -35.32 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.13. The firm had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. Legend Biotech’s quarterly revenue was up 158.7% compared to the same quarter last year. During the same period last year, the business earned ($0.40) earnings per share. Equities research analysts anticipate that Legend Biotech will post -1.93 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in Legend Biotech by 1.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after buying an additional 140,904 shares during the period. RA Capital Management L.P. raised its stake in Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares during the period. Westfield Capital Management Co. LP grew its position in shares of Legend Biotech by 26.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock worth $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Finally, Capital International Investors increased its holdings in shares of Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after purchasing an additional 356,387 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).