Legend Biotech’s (LEGN) Outperform Rating Reiterated at Royal Bank of Canada

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

A number of other analysts have also commented on LEGN. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Morgan Stanley reduced their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Piper Sandler restated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Finally, HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of Legend Biotech in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.82.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $34.24 on Tuesday. The business has a fifty day moving average price of $34.83 and a 200-day moving average price of $37.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a market capitalization of $6.29 billion, a PE ratio of -36.04 and a beta of 0.21. Legend Biotech has a 1-year low of $29.27 and a 1-year high of $60.87.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. The business’s revenue for the quarter was up 134.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.40) earnings per share. As a group, equities analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently bought and sold shares of LEGN. GAMMA Investing LLC lifted its position in shares of Legend Biotech by 145.4% in 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 raised 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 during the period. GF Fund Management CO. LTD. purchased a new position in Legend Biotech in the 4th quarter worth approximately $56,000. Shell Asset Management Co. boosted its stake in Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after purchasing an additional 800 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Legend Biotech during the 4th quarter valued at approximately $77,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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).