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:LEGNFree Report) in a research note released on Friday, Benzinga reports. Royal Bank of Canada currently has a $86.00 price target on the stock.

Other equities research analysts also recently issued reports about the stock. Scotiabank upgraded shares of Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 price objective for the company in a research note on Wednesday, April 17th. Raymond James assumed coverage on Legend Biotech in a research report on Wednesday, March 13th. They issued an outperform rating and a $86.00 price objective on the stock. UBS Group increased their target price on Legend Biotech from $76.00 to $81.00 and gave the company a buy rating in a research note on Monday, March 18th. Cantor Fitzgerald started coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an overweight rating and a $82.00 price target on the stock. Finally, Piper Sandler reaffirmed an overweight rating and issued a $90.00 price objective on shares of Legend Biotech in a research report on Monday, June 17th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Legend Biotech currently has a consensus rating of Buy and a consensus price target of $81.67.

Read Our Latest Stock Analysis on LEGN

Legend Biotech Trading Up 1.1 %

LEGN stock opened at $43.09 on Friday. The company has a quick ratio of 5.57, a current ratio of 5.66 and a debt-to-equity ratio of 0.25. The company has a market cap of $7.85 billion, a price-to-earnings ratio of -33.15 and a beta of 0.09. The business has a fifty day simple moving average of $44.09 and a 200-day simple moving average of $54.16. Legend Biotech has a 52 week low of $38.60 and a 52 week high of $77.32.

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

Institutional Trading of Legend Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in LEGN. Wellington Management Group LLP grew its holdings in Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after acquiring an additional 962,381 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Legend Biotech by 101.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock valued at $114,761,000 after purchasing an additional 860,410 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Legend Biotech by 71.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock worth $112,050,000 after purchasing an additional 696,096 shares during the last quarter. RA Capital Management L.P. grew its stake in Legend Biotech by 9.5% in the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Finally, Altitude Crest Partners Inc. bought a new stake in Legend Biotech in the fourth quarter valued at about $32,601,000. 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).

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Analyst Recommendations for Legend Biotech (NASDAQ:LEGN)

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