Royal Bank Of Canada Reiterates “Outperform” Rating for Legend Biotech (NASDAQ:LEGN)

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank Of Canada in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $77.00 price objective on the stock, up from their prior price objective of $75.00. Royal Bank Of Canada’s price objective suggests a potential upside of 108.50% from the stock’s previous close.

LEGN has been the subject of several other research reports. Johnson Rice restated a “buy” rating on shares of Legend Biotech in a research note on Thursday, July 17th. Truist Financial decreased their target price on Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Cantor Fitzgerald upgraded Legend Biotech to a “strong-buy” rating in a research note on Monday, August 4th. HC Wainwright reiterated a “buy” rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th. Finally, UBS Group set a $54.00 price objective on Legend Biotech and gave the company a “buy” rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $72.38.

Legend Biotech Price Performance

LEGN stock opened at $36.93 on Tuesday. The business has a 50 day moving average price of $37.69 and a 200 day moving average price of $35.17. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of -41.97 and a beta of 0.26. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $59.62. The company has a quick ratio of 5.07, a current ratio of 4.71 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The business had revenue of $255.06 million for the quarter, compared to analysts’ expectations of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%. Legend Biotech’s revenue for the quarter was up 36.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) EPS. Equities research analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. increased its holdings in shares of Legend Biotech by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock valued at $71,000 after purchasing an additional 377 shares during the period. Rhumbline Advisers increased its holdings in shares of Legend Biotech by 1.4% in the first quarter. Rhumbline Advisers now owns 28,029 shares of the company’s stock valued at $951,000 after purchasing an additional 391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Legend Biotech by 1.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company’s stock valued at $1,887,000 after purchasing an additional 579 shares during the period. GAMMA Investing LLC increased its holdings in shares of Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after purchasing an additional 765 shares during the period. Finally, Shell Asset Management Co. increased its holdings in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after purchasing an additional 800 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Company Profile

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).