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

Royal Bank of Canada restated their outperform rating on shares of Legend Biotech (NASDAQ:LEGNFree Report) in a report issued on Friday, Benzinga reports. The brokerage currently has a $86.00 price target on the stock.

A number of other research firms have also recently commented on LEGN. Cantor Fitzgerald initiated coverage on Legend Biotech in a research note on Wednesday, April 3rd. They issued an overweight rating and a $82.00 target price on the stock. Scotiabank raised Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 price objective on the stock in a research report on Wednesday, April 17th. UBS Group increased their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a buy rating in a research report on Monday, March 18th. Raymond James initiated coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an outperform rating and a $86.00 price objective on the stock. Finally, Truist Financial initiated coverage on Legend Biotech in a research report on Monday, June 17th. They set a buy rating and a $88.00 price objective on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $81.67.

Get Our Latest Stock Report on Legend Biotech

Legend Biotech Trading Up 4.4 %

NASDAQ LEGN opened at $42.61 on Friday. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $77.32. The stock has a market cap of $7.77 billion, a P/E ratio of -32.78 and a beta of 0.09. The stock’s fifty day moving average price is $44.26 and its 200-day moving average price is $54.29. The company has a current ratio of 5.66, a quick ratio of 5.57 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGNGet Free Report) last released its earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.13. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The firm had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. During the same period in the prior year, the firm posted ($0.40) earnings per share. The company’s quarterly revenue was up 158.7% on a year-over-year basis. As a group, equities analysts forecast that Legend Biotech will post -1.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Trexquant Investment LP bought a new position in shares of Legend Biotech in the fourth quarter worth about $1,561,000. Massachusetts Financial Services Co. MA raised its stake in shares of Legend Biotech by 6.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,984,826 shares of the company’s stock worth $119,427,000 after buying an additional 117,794 shares during the period. TimesSquare Capital Management LLC raised its stake in shares of Legend Biotech by 15.4% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,065,889 shares of the company’s stock worth $64,135,000 after buying an additional 142,118 shares during the period. Hsbc Holdings PLC raised its stake in shares of Legend Biotech by 312.1% in the fourth quarter. Hsbc Holdings PLC now owns 196,715 shares of the company’s stock worth $11,836,000 after buying an additional 148,985 shares during the period. Finally, Alberta Investment Management Corp raised its stake in shares of Legend Biotech by 413.7% in the fourth quarter. Alberta Investment Management Corp now owns 62,160 shares of the company’s stock worth $3,740,000 after buying an additional 50,060 shares during the period. Institutional investors own 70.89% of the company’s stock.

About Legend Biotech

(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).

See Also

Analyst Recommendations for Legend Biotech (NASDAQ:LEGN)

Receive News & Ratings for Legend Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legend Biotech and related companies with MarketBeat.com's FREE daily email newsletter.