Legend Biotech’s (LEGN) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report report published on Friday, Benzinga reports. The firm currently has a $86.00 price target on the stock.

A number of other research analysts have also commented on LEGN. Scotiabank upped their price target on Legend Biotech from $70.00 to $76.00 and gave the company a sector outperform rating in a research report on Monday, August 12th. BMO Capital Markets reaffirmed an outperform rating and set a $90.00 price target on shares of Legend Biotech in a research report on Wednesday, July 3rd. Piper Sandler reaffirmed an overweight rating and set a $90.00 price target on shares of Legend Biotech in a research report on Monday, June 17th. HC Wainwright reaffirmed a buy rating and set a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, August 28th. Finally, TD Cowen decreased their target price on Legend Biotech from $71.00 to $67.00 and set a buy rating for the company in a research report on Monday, July 15th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of Buy and an average target price of $81.78.

Legend Biotech Trading Up 5.2 %

Shares of LEGN stock opened at $49.27 on Friday. The stock has a market capitalization of $8.98 billion, a PE ratio of -37.90 and a beta of 0.11. Legend Biotech has a 1-year low of $38.60 and a 1-year high of $70.78. The business has a 50-day moving average of $54.17 and a 200 day moving average of $50.48. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. Legend Biotech’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.27) EPS. As a group, sell-side analysts anticipate that Legend Biotech will post -1.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in Legend Biotech by 71.6% during 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 last quarter. RA Capital Management L.P. boosted its stake in Legend Biotech by 9.5% during the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares during the last quarter. Altitude Crest Partners Inc. purchased a new stake in Legend Biotech during the 4th quarter valued at $32,601,000. Westfield Capital Management Co. LP boosted its stake in 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 valued at $125,629,000 after purchasing an additional 463,527 shares during the last quarter. Finally, Capital International Investors boosted its stake in Legend Biotech by 19.5% during the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after purchasing an additional 356,387 shares during the last quarter. Institutional investors 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).