Legend Biotech (NASDAQ:LEGN) Receives “Outperform” Rating from Royal Bank of Canada

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reissued by equities research analysts at Royal Bank of Canada in a research report issued on Monday, Benzinga reports. They presently have a $86.00 target price on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 49.54% from the company’s current price.

LEGN has been the topic of a number of other research reports. TD Cowen lowered their price objective on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. HC Wainwright reiterated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Monday. 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. Deutsche Bank Aktiengesellschaft initiated coverage on Legend Biotech in a research report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 target price for the company. Finally, BMO Capital Markets restated an “outperform” rating and set a $90.00 price target on shares of Legend Biotech in a report on Wednesday, July 3rd. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech presently has an average rating of “Buy” and a consensus target price of $81.78.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN traded up $1.61 on Monday, hitting $57.51. The company had a trading volume of 376,519 shares, compared to its average volume of 1,075,557. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of -44.32 and a beta of 0.11. The stock has a 50 day moving average price of $49.40 and a 200 day moving average price of $52.46. Legend Biotech has a 1-year low of $38.60 and a 1-year high of $72.38. The company has a current ratio of 5.66, a quick ratio of 5.57 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same quarter in the prior year, the business earned ($0.27) EPS. Legend Biotech’s quarterly revenue was up 154.4% on a year-over-year basis. Analysts expect that Legend Biotech will post -1.94 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after acquiring an additional 806 shares during the period. Quarry LP acquired a new stake in Legend Biotech during the fourth quarter worth approximately $45,000. American International Group Inc. increased its holdings in Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares in the last quarter. AM Squared Ltd acquired a new position in Legend Biotech in the second quarter valued at approximately $71,000. Finally, Barometer Capital Management Inc. bought a new position in shares of Legend Biotech during the 4th quarter worth approximately $120,000. 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).