Legend Biotech (NASDAQ:LEGN) Stock Rating Reaffirmed by Royal Bank of Canada

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a note issued to investors on Friday, Benzinga reports. They currently have a $86.00 price objective on the stock. Royal Bank of Canada’s price target suggests a potential upside of 74.55% from the company’s previous close.

A number of other analysts also recently issued reports on the company. TD Cowen cut their target price on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Piper Sandler restated an “overweight” rating and set a $90.00 price objective on shares of Legend Biotech in a research report on Monday, June 17th. HC Wainwright reiterated a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a report on Wednesday, August 28th. Scotiabank increased their price target 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. Finally, Truist Financial assumed coverage on shares of Legend Biotech in a research note on Monday, June 17th. They issued a “buy” rating and a $88.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Legend Biotech currently has an average rating of “Buy” and a consensus price target of $81.78.

Legend Biotech Stock Performance

LEGN opened at $49.27 on Friday. The firm has a market capitalization of $8.98 billion, a PE 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 has a twelve month low of $38.60 and a twelve month high of $70.78. The firm’s 50-day moving average price is $54.17 and its 200 day moving average price is $50.60.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share 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 business had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $125.25 million. During the same period in the previous year, the firm posted ($0.27) EPS. The business’s revenue for the quarter was up 154.4% compared to the same quarter last year. As a group, sell-side analysts expect that Legend Biotech will post -1.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE boosted its position in Legend Biotech by 4.5% in the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after buying an additional 293 shares during the period. American International Group Inc. boosted its position in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares during the period. Public Sector Pension Investment Board boosted its position in Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after buying an additional 400 shares during the period. Krane Funds Advisors LLC boosted its position in Legend Biotech by 2.3% in the 4th quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after buying an additional 451 shares during the period. Finally, ProShare Advisors LLC boosted its position in Legend Biotech by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after buying an additional 494 shares during the period. 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).