Legend Biotech’s (LEGN) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Tuesday,Benzinga reports. The firm currently has a $84.00 price target on the stock.

Several other research analysts have also recently issued reports on LEGN. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of Legend Biotech in a research note on Wednesday, April 16th. Piper Sandler reissued an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Morgan Stanley dropped their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $78.82.

Legend Biotech Stock Down 0.2 %

Shares of NASDAQ:LEGN opened at $34.24 on Tuesday. The firm has a market capitalization of $6.29 billion, a PE ratio of -36.04 and a beta of 0.21. The business has a 50 day simple moving average of $34.83 and a two-hundred day simple moving average of $37.38. Legend Biotech has a 1 year low of $29.27 and a 1 year high of $60.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $179.00 million. During the same period in the prior year, the business posted ($0.40) earnings per share. The business’s revenue for the quarter was up 134.6% on a year-over-year basis. On average, equities analysts predict that Legend Biotech will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its holdings in shares of Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after acquiring an additional 765 shares in the last quarter. Signaturefd LLC increased its stake in Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after purchasing an additional 1,579 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Legend Biotech in the fourth quarter worth $56,000. Shell Asset Management Co. lifted its stake in shares of Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after buying an additional 800 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of Legend Biotech during the fourth quarter valued at $77,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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).