Legend Biotech (NASDAQ:LEGN) Rating Reiterated by BMO Capital Markets

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating restated by equities researchers at BMO Capital Markets in a report issued on Wednesday, Benzinga reports. They currently have a $90.00 price target on the stock. BMO Capital Markets’ target price suggests a potential upside of 96.04% from the stock’s previous close.

Several other brokerages also recently issued reports on LEGN. UBS Group upped their price target on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Piper Sandler reiterated an “overweight” rating and issued a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th. Deutsche Bank Aktiengesellschaft started coverage on shares of Legend Biotech in a research report on Thursday, May 23rd. They set a “buy” rating and a $60.00 price target on the stock. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday. Fourteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $82.31.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $45.91 on Wednesday. The company has a current ratio of 5.66, a quick ratio of 5.57 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $43.76 and its 200-day moving average price is $53.37. The firm has a market capitalization of $8.37 billion, a P/E ratio of -35.32 and a beta of 0.11. Legend Biotech has a 1-year low of $38.60 and a 1-year high of $77.32.

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

Hedge Funds Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Legend Biotech by 1.3% in 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 purchasing an additional 140,904 shares during the period. RA Capital Management L.P. grew its position 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 valued at $384,839,000 after acquiring an additional 596,390 shares during the period. Wellington Management Group LLP increased its stake 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 worth $138,776,000 after purchasing an additional 962,381 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in Legend Biotech by 26.1% in 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 during the period. Finally, Capital International Investors lifted its position in Legend Biotech by 19.5% during the first 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 in the last quarter. Institutional investors own 70.89% of the company’s stock.

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).