Legend Biotech (NASDAQ:LEGN) Given Outperform Rating at Royal Bank of Canada

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a report released on Friday, Benzinga reports. They currently have a $86.00 target price on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 74.55% from the stock’s current price.

LEGN has been the subject of several other reports. HC Wainwright reissued a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Wednesday, August 28th. Truist Financial began coverage on shares of Legend Biotech in a research note on Monday, June 17th. They set a “buy” rating and a $88.00 price target for the company. BMO Capital Markets restated an “outperform” rating and issued a $90.00 price objective on shares of Legend Biotech in a research note on Wednesday, July 3rd. Piper Sandler reiterated an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th. Finally, TD Cowen dropped their price target on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $81.78.

Legend Biotech Price Performance

Shares of LEGN opened at $49.27 on Friday. Legend Biotech has a twelve month low of $38.60 and a twelve month high of $70.78. The firm’s fifty day simple moving average is $54.17 and its 200-day simple moving average is $50.60. The firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of -37.90 and a beta of 0.11. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same quarter last year, the company posted ($0.27) earnings per share. The business’s quarterly revenue was up 154.4% compared to the same quarter last year. Equities analysts forecast that Legend Biotech will post -1.46 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Several hedge funds have recently modified their holdings of LEGN. Price T Rowe Associates Inc. MD raised its position in Legend Biotech by 1.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after acquiring an additional 140,904 shares in the last quarter. RA Capital Management L.P. grew its stake in shares of 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 worth $384,839,000 after purchasing an additional 596,390 shares during the period. Wellington Management Group LLP increased its holdings in shares of 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 in the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Legend Biotech by 26.1% in the first 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 period. Finally, Capital International Investors boosted its holdings in 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 buying an additional 356,387 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

About Legend Biotech

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).