Legend Biotech (NASDAQ:LEGN) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Monday,Benzinga reports. Royal Bank of Canada currently has a $86.00 price target on the stock.

Several other equities analysts also recently commented on LEGN. Redburn Atlantic assumed coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday, November 13th. Finally, Scotiabank boosted their price objective on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $81.54.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $41.63 on Monday. Legend Biotech has a twelve month low of $36.92 and a twelve month high of $70.13. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of -44.29 and a beta of 0.09. The stock has a fifty day simple moving average of $43.80 and a 200 day simple moving average of $47.94.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same quarter last year, the firm posted ($0.17) EPS. The company’s quarterly revenue was up 66.9% on a year-over-year basis. Sell-side analysts expect that Legend Biotech will post -1.23 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Several large investors have recently modified their holdings of LEGN. Franklin Resources Inc. purchased a new position in shares of Legend Biotech in the 3rd quarter valued at about $12,837,000. Geode Capital Management LLC boosted its holdings in shares of Legend Biotech by 3.6% during the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Legend Biotech in the third quarter valued at approximately $229,000. Groupama Asset Managment boosted its holdings in Legend Biotech by 20.2% in the third quarter. Groupama Asset Managment now owns 27,374 shares of the company’s stock valued at $1,329,000 after acquiring an additional 4,592 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Legend Biotech during the third quarter valued at approximately $458,000. 70.89% of the stock is 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).