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 report released on Tuesday, Benzinga reports. The firm currently has a $86.00 target price on the stock.

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

Legend Biotech Price Performance

LEGN opened at $45.02 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. Legend Biotech has a one year low of $38.60 and a one year high of $70.13. The business’s 50 day moving average price is $49.29 and its 200 day moving average price is $48.69.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The firm’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.27) earnings per share. On average, research analysts forecast that Legend Biotech will post -1.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently bought and sold shares of the business. National Pension Service increased its holdings in Legend Biotech by 4.3% in the third quarter. National Pension Service now owns 23,535 shares of the company’s stock valued at $1,147,000 after buying an additional 961 shares during the last quarter. Empire Life Investments Inc. boosted its stake in Legend Biotech by 75.2% in the third quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock valued at $4,809,000 after acquiring an additional 42,368 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Legend Biotech by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,711 shares of the company’s stock valued at $766,000 after acquiring an additional 6,114 shares in the last quarter. abrdn plc boosted its stake in Legend Biotech by 110.4% in the third quarter. abrdn plc now owns 33,729 shares of the company’s stock valued at $1,628,000 after acquiring an additional 17,696 shares in the last quarter. Finally, Diversified Trust Co acquired a new position in Legend Biotech in the third quarter valued at $1,730,000. Hedge funds and other 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).