Legend Biotech (NASDAQ:LEGN) Raised to “Sector Outperform” at Scotiabank

Legend Biotech (NASDAQ:LEGN) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $65.00 target price on the stock. Scotiabank’s price objective points to a potential upside of 33.20% from the stock’s previous close.

Several other equities research analysts also recently weighed in on LEGN. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 price target on shares of Legend Biotech in a research report on Thursday, March 7th. Raymond James assumed coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price target for the company. Barclays raised their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $87.00 target price on shares of Legend Biotech in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Stock Down 2.6 %

Shares of LEGN stock traded down $1.32 during trading hours on Wednesday, hitting $48.80. 1,015,191 shares of the company’s stock traded hands, compared to its average volume of 988,426. The stock’s fifty day simple moving average is $60.03 and its two-hundred day simple moving average is $61.15. Legend Biotech has a 12-month low of $48.03 and a 12-month high of $77.32. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of -33.13 and a beta of 0.01. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The firm had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. The firm’s revenue was up 177.2% compared to the same quarter last year. On average, analysts expect that Legend Biotech will post -1.42 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of LEGN. Price T Rowe Associates Inc. MD boosted its stake in shares of Legend Biotech by 11.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company’s stock worth $650,332,000 after acquiring an additional 1,114,848 shares during the last quarter. Capital World Investors lifted its stake in shares of Legend Biotech by 85.5% during the 1st quarter. Capital World Investors now owns 2,214,024 shares of the company’s stock valued at $80,458,000 after buying an additional 1,020,545 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after buying an additional 962,381 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Legend Biotech during the 2nd quarter valued at $62,614,000. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of Legend Biotech by 101.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock valued at $114,761,000 after buying an additional 860,410 shares in the last quarter. Hedge funds and other 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).