Royal Bank Of Canada Lowers Legend Biotech (NASDAQ:LEGN) Price Target to $62.00

Legend Biotech (NASDAQ:LEGN) had its price objective reduced by research analysts at Royal Bank Of Canada from $66.00 to $62.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 225.46% from the company’s previous close.

LEGN has been the subject of several other reports. Raymond James Financial reiterated an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. Morgan Stanley reduced their price target on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Oppenheimer initiated 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. TD Cowen reiterated a “hold” rating and issued a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Finally, UBS Group cut their target price on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, December 8th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.31.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $19.05 on Wednesday. The company’s 50 day moving average price is $19.42 and its two-hundred day moving average price is $26.38. The firm has a market capitalization of $3.52 billion, a P/E ratio of -23.81 and a beta of 0.07. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The company had revenue of $306.30 million during the quarter, compared to the consensus estimate of $310.21 million. During the same period in the prior year, the business earned $0.07 earnings per share. The company’s revenue for the quarter was up 64.2% compared to the same quarter last year. On average, analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds have recently bought and sold shares of the company. Suvretta Capital Management LLC lifted its holdings in Legend Biotech by 73.1% in the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after buying an additional 2,790,620 shares during the period. Westfield Capital Management Co. LP grew its holdings in Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock worth $134,020,000 after acquiring an additional 70,191 shares during the period. Artisan Partners Limited Partnership raised its position in shares of Legend Biotech by 20.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after acquiring an additional 425,684 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Legend Biotech by 120.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after purchasing an additional 1,188,449 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Legend Biotech by 4.6% in the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after purchasing an additional 72,371 shares during the period. Institutional investors own 70.89% of the company’s stock.

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.