Legend Biotech’s (LEGN) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note released on Monday, Benzinga reports. Royal Bank of Canada currently has a $86.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the stock. BMO Capital Markets restated an outperform rating and issued a $90.00 price objective on shares of Legend Biotech in a research report on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Legend Biotech in a research report on Thursday, May 23rd. They issued a buy rating and a $60.00 price objective for the company. TD Cowen lowered their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a buy rating for the company in a research report on Monday, July 15th. Piper Sandler reiterated an overweight rating and set a $90.00 price target on shares of Legend Biotech in a research report on Monday, June 17th. Finally, Truist Financial started coverage on shares of Legend Biotech in a research report on Monday, June 17th. They set a buy rating and a $88.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of Buy and a consensus price target of $81.78.

Legend Biotech Trading Down 0.4 %

Shares of LEGN stock opened at $55.50 on Monday. Legend Biotech has a 12-month low of $38.60 and a 12-month high of $72.38. The company has a market capitalization of $10.12 billion, a P/E ratio of -42.88 and a beta of 0.11. The firm has a 50-day moving average price of $50.45 and a 200 day moving average price of $52.49. The company has a quick ratio of 5.57, a current ratio of 5.66 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data 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 firm had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The company’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.27) EPS. Research analysts forecast that Legend Biotech will post -1.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. boosted its stake in Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after acquiring an additional 806 shares during the last quarter. Quarry LP bought a new position in Legend Biotech in the fourth quarter valued at approximately $45,000. American International Group Inc. lifted its stake in Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. AM Squared Ltd bought a new position in Legend Biotech in the second quarter valued at approximately $71,000. Finally, Barometer Capital Management Inc. bought a new position in Legend Biotech in the fourth quarter valued at approximately $120,000. Institutional investors 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).