Legend Biotech (NASDAQ:LEGN) Given “Outperform” Rating at Royal Bank Of Canada

Royal Bank Of Canada reaffirmed their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Tuesday morning, MarketBeat.com reports. The firm currently has a $66.00 price objective on the stock.

A number of other research analysts have also weighed in on LEGN. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. UBS Group reduced their target price on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a report on Monday, December 8th. Jefferies Financial Group raised Legend Biotech to a “strong-buy” rating in a research note on Monday. JPMorgan Chase & Co. dropped their price target on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Finally, Oppenheimer began coverage on Legend Biotech in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $23.42 on Tuesday. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. Legend Biotech has a 52 week low of $20.21 and a 52 week high of $45.30. The stock’s 50-day moving average price is $24.59 and its 200-day moving average price is $31.60. The stock has a market capitalization of $4.33 billion, a PE ratio of -36.03 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $272.33 million for the quarter, compared to the consensus estimate of $277.91 million. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.Legend Biotech’s revenue for the quarter was up 70.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.34) earnings per share. As a group, equities analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors have recently made changes to their positions in the company. Artisan Partners Limited Partnership lifted its stake in shares of Legend Biotech by 87.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock valued at $75,319,000 after purchasing an additional 990,500 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Legend Biotech in the 2nd quarter valued at about $15,790,000. SG Americas Securities LLC lifted its position in Legend Biotech by 6,774.9% in the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock valued at $8,081,000 after buying an additional 366,321 shares during the last quarter. Jump Financial LLC boosted its stake in Legend Biotech by 302.4% during the third quarter. Jump Financial LLC now owns 403,211 shares of the company’s stock worth $13,149,000 after buying an additional 303,008 shares during the period. Finally, Stempoint Capital LP acquired a new stake in shares of Legend Biotech during the second quarter valued at about $9,587,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Key Stories Impacting Legend Biotech

Here are the key news stories impacting Legend Biotech this week:

• Positive Sentiment: FDA draft guidance signals that the agency may accept accelerated-approval endpoints for multiple myeloma CAR-T programs, easing the regulatory path for treatments in Legend’s space and improving the chance of faster approvals for candidates and label expansions. MSN: Legend Biotech, Arcellx rise after FDA draft guidance on multiple myeloma trials Investing.com: FDA draft guidance supports accelerated approval endpoints
• Positive Sentiment: Jefferies upgraded LEGN to “strong-buy,” adding buy-side momentum and likely attracting momentum/flows into the stock. Analyst upgrades can amplify gains when paired with favorable regulatory news. AmericanBankingNews: Jefferies Upgrades Legend Biotech to Strong-Buy Zacks: Jefferies upgrade reported
• Positive Sentiment: RBC Capital reaffirmed an “Outperform” rating and set a $66 price target, providing a high upside narrative (RBC’s target implies substantial upside vs. current trading) that can influence investor expectations and support the rally. Benzinga: RBC reaffirms Outperform on Legend The Fly: RBC comment on FDA guidance
• Negative Sentiment: Short interest in LEGN has risen significantly, which increases downside pressure risk if clinical/regulatory outcomes disappoint or if short sellers pressure the stock; higher short interest can also add volatility (and can amplify moves both ways). AmericanBankingNews: Legend Biotech Sees Significant Growth in Short Interest

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.