Legend Biotech (NASDAQ:LEGN) Receives Outperform Rating from Royal Bank of Canada

by · The Markets Daily

Royal Bank of Canada reissued their outperform rating on shares of Legend Biotech (NASDAQ:LEGN – Free Report) in a research note issued to investors on Friday, Benzinga reports. They currently have a $86.00 price target on the stock.

A number of other equities research analysts have also recently commented on the company. TD Cowen decreased their price target on Legend Biotech from $71.00 to $67.00 and set a buy rating on the stock in a report on Monday, July 15th. Piper Sandler reissued an overweight rating and set a $90.00 price target on shares of Legend Biotech in a report on Monday, June 17th. Truist Financial assumed coverage on Legend Biotech in a report on Monday, June 17th. They set a buy rating and a $88.00 price target on the stock. HC Wainwright reissued a buy rating and set a $73.00 price target on shares of Legend Biotech in a report on Wednesday, August 28th. Finally, Scotiabank raised their price target on Legend Biotech from $70.00 to $76.00 and gave the company a sector outperform rating in a report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $81.78.

View Our Latest Stock Analysis on LEGN

Legend Biotech Price Performance

NASDAQ LEGN opened at $49.27 on Friday. The company has a market capitalization of $8.98 billion, a PE ratio of -37.90 and a beta of 0.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The business’s fifty day moving average is $54.17 and its 200 day moving average is $50.48. Legend Biotech has a fifty-two week low of $38.60 and a fifty-two week high of $70.78.

Legend Biotech (NASDAQ:LEGN – Get Free Report) last released its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million for the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. Legend Biotech’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.27) earnings per share. Sell-side analysts predict that Legend Biotech will post -1.46 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in Legend Biotech during the second quarter valued at approximately $2,620,000. Point72 Asset Management L.P. purchased a new stake in Legend Biotech during the second quarter valued at approximately $13,487,000. Quarry LP raised its position in Legend Biotech by 4,400.0% during the second quarter. Quarry LP now owns 9,000 shares of the company’s stock valued at $399,000 after purchasing an additional 8,800 shares during the period. Decheng Capital LLC raised its position in Legend Biotech by 14.1% during the second quarter. Decheng Capital LLC now owns 98,558 shares of the company’s stock valued at $4,365,000 after purchasing an additional 12,195 shares during the period. Finally, Point72 Europe London LLP purchased a new stake in Legend Biotech during the second quarter valued at approximately $985,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

(Get Free Report)

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).

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