Legend Biotech (NASDAQ:LEGN) Given New $74.00 Price Target at Royal Bank Of Canada

Legend Biotech (NASDAQ:LEGN) had its price target dropped by Royal Bank Of Canada from $75.00 to $74.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 135.89% from the company’s previous close.

Several other research analysts have also weighed in on LEGN. Morgan Stanley upped their price target on Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, August 12th. JPMorgan Chase & Co. lowered their price objective on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Legend Biotech in a research note on Wednesday, October 8th. HC Wainwright decreased their target price on shares of Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Finally, Cantor Fitzgerald increased their price objective on Legend Biotech from $66.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.11.

Legend Biotech Trading Up 0.6%

NASDAQ LEGN traded up $0.20 on Thursday, hitting $31.37. 1,498,328 shares of the company were exchanged, compared to its average volume of 1,410,427. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. Legend Biotech has a twelve month low of $27.34 and a twelve month high of $45.30. The firm has a market capitalization of $5.79 billion, a P/E ratio of -35.69 and a beta of 0.17. The company’s 50 day moving average price is $32.84 and its 200-day moving average price is $34.38.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). The firm had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The company’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) EPS. Analysts predict that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LEGN. Westfield Capital Management Co. LP grew its position in shares of Legend Biotech by 21.1% in the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company’s stock valued at $234,713,000 after purchasing an additional 1,203,871 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock valued at $77,030,000 after buying an additional 6,708 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Legend Biotech by 3.5% in the 2nd quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock valued at $55,386,000 after buying an additional 52,344 shares during the last quarter. Finally, Matthews International Capital Management LLC increased its position in Legend Biotech by 17.3% in the 2nd quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock worth $45,890,000 after buying an additional 191,165 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).