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 report published on Tuesday morning, Benzinga reports. They currently have a $86.00 price target on the stock.

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

Legend Biotech Price Performance

LEGN opened at $44.36 on Tuesday. The company has a 50-day moving average of $49.03 and a 200-day moving average of $48.64. The company has a market capitalization 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. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. US Bancorp DE increased its stake 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. increased its stake 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 increased its stake 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. ProShare Advisors LLC increased its stake 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. Finally, Daiwa Securities Group Inc. increased its stake in Legend Biotech by 9.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock valued at $356,000 after buying an additional 527 shares during the period. Institutional investors and hedge funds 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).