Royal Bank of Canada Reaffirms Outperform Rating for Legend Biotech (NASDAQ:LEGN)

Royal Bank of Canada restated their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a $86.00 price target on the stock.

LEGN has been the subject of several other reports. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a report on Wednesday, October 16th. BMO Capital Markets reiterated an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. TD Cowen cut their target price on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Redburn Atlantic began coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company. Finally, Scotiabank upped their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Fourteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $82.08.

Legend Biotech Price Performance

NASDAQ LEGN opened at $44.36 on Tuesday. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $49.03 and a 200 day simple moving average of $48.64. The company has a market cap of $8.09 billion, a P/E ratio of -56.87 and a beta of 0.10. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $70.13.

Legend Biotech (NASDAQ:LEGN) last posted 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. The business had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. 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 firm earned ($0.27) EPS. On average, sell-side analysts predict that Legend Biotech will post -1.48 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE lifted its holdings in shares of Legend Biotech by 4.5% during the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock worth $383,000 after acquiring an additional 293 shares during the period. American International Group Inc. lifted its holdings in shares of Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of Legend Biotech by 1.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after acquiring an additional 400 shares during the period. ProShare Advisors LLC lifted its holdings in Legend Biotech by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after purchasing an additional 494 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Legend Biotech by 9.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock valued at $356,000 after purchasing an additional 527 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

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).