Legend Biotech (NASDAQ:LEGN) Receives New Coverage from Analysts at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft began coverage on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Thursday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $60.00 price target on the stock.

Several other equities analysts also recently issued reports on LEGN. Barclays raised their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Royal Bank of Canada raised their target price on Legend Biotech from $85.00 to $86.00 and gave the stock an outperform rating in a research report on Tuesday, May 14th. HC Wainwright reaffirmed a buy rating and set a $87.00 target price on shares of Legend Biotech in a report on Thursday, May 9th. Cantor Fitzgerald began coverage on Legend Biotech in a research note on Wednesday, April 3rd. They issued an overweight rating and a $82.00 price target for the company. Finally, Raymond James started coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an outperform rating and a $86.00 price objective for the company. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of $81.10.

Legend Biotech Price Performance

Shares of LEGN opened at $41.41 on Thursday. 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 stock has a market cap of $7.55 billion, a PE ratio of -31.85 and a beta of 0.12. Legend Biotech has a 12-month low of $39.13 and a 12-month high of $77.32. The business has a 50-day simple moving average of $50.00 and a two-hundred day simple moving average of $56.99.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.13. The company had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The business’s quarterly revenue was up 158.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.40) earnings per share. Analysts anticipate that Legend Biotech will post -1.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several large investors have recently added to or reduced their stakes in the business. Avior Wealth Management LLC lifted its stake in Legend Biotech by 2.5% in the fourth quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock valued at $445,000 after buying an additional 182 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in shares of Legend Biotech by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock valued at $294,000 after acquiring an additional 253 shares during the period. US Bancorp DE lifted its position in shares of Legend Biotech by 4.5% during the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after acquiring an additional 293 shares during the period. Teacher Retirement System of Texas boosted its stake in Legend Biotech by 2.6% during the third quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock worth $796,000 after acquiring an additional 296 shares in the last quarter. Finally, American International Group Inc. grew its holdings in Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds 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).