Royal Bank of Canada Reaffirms “Outperform” Rating for Legend Biotech (NASDAQ:LEGN)

Royal Bank of Canada reaffirmed their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Friday morning, Benzinga reports. The firm currently has a $86.00 price objective on the stock.

LEGN has been the topic of several other research reports. TD Cowen decreased their target price on Legend Biotech from $71.00 to $67.00 and set a buy rating on the stock in a research report on Monday, July 15th. Truist Financial assumed coverage on shares of Legend Biotech in a report on Monday, June 17th. They set a buy rating and a $88.00 target price for the company. Scotiabank raised their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a sector outperform rating in a research note on Monday, August 12th. BMO Capital Markets reiterated an outperform rating and set a $90.00 price objective on shares of Legend Biotech in a research report on Wednesday, July 3rd. Finally, HC Wainwright reiterated a buy rating and set a $73.00 price target on shares of Legend Biotech in a report on Wednesday, August 28th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $81.78.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $48.73 on Friday. The stock has a market capitalization of $8.88 billion, a PE ratio of -37.48 and a beta of 0.11. Legend Biotech has a 52 week low of $38.60 and a 52 week high of $70.78. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. The stock’s 50-day moving average price is $53.97 and its 200-day moving average price is $50.35.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. During the same period in the prior year, the company posted ($0.27) EPS. The business’s quarterly revenue was up 154.4% on a year-over-year basis. As a group, equities analysts expect that Legend Biotech will post -1.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in shares of Legend Biotech by 71.6% in the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after buying an additional 962,381 shares in the last quarter. RA Capital Management L.P. increased its holdings in shares of Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Altitude Crest Partners Inc. acquired a new stake in shares of Legend Biotech in the fourth quarter valued at about $32,601,000. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 26.1% during the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock worth $125,629,000 after buying an additional 463,527 shares in the last quarter. Finally, Capital International Investors grew its position in Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after buying an additional 356,387 shares during the period. Hedge funds and other 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).