Royal Bank Of Canada Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $62.00

Legend Biotech (NASDAQ:LEGN) had its target price reduced by analysts at Royal Bank Of Canada from $66.00 to $62.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 209.77% from the company’s previous close.

Several other analysts have also issued reports on LEGN. Morgan Stanley lowered their target price on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. TD Cowen reissued a “hold” rating and issued a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Truist Financial set a $70.00 price objective on Legend Biotech in a research note on Tuesday. HC Wainwright dropped their price objective on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, January 22nd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $69.00 target price on shares of Legend Biotech in a research report on Tuesday. Eleven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.38.

Legend Biotech Stock Performance

Shares of LEGN stock traded up $0.46 during trading hours on Wednesday, hitting $20.02. 249,786 shares of the company were exchanged, compared to its average volume of 2,559,654. The company has a current ratio of 2.86, a quick ratio of 2.80 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of -30.77 and a beta of 0.07. The firm has a fifty day simple moving average of $19.51 and a 200 day simple moving average of $26.47. Legend Biotech has a 52-week low of $16.24 and a 52-week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 10th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business had revenue of $306.30 million for the quarter, compared to the consensus estimate of $310.21 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. Legend Biotech’s revenue for the quarter was up 64.2% on a year-over-year basis. Research analysts predict that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds have recently made changes to their positions in the stock. Clearstead Advisors LLC lifted its holdings in Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after purchasing an additional 367 shares in the last quarter. Parallel Advisors LLC grew its holdings in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares in the last quarter. OFI Invest Asset Management increased its position in shares of Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after buying an additional 622 shares during the period. Caitong International Asset Management Co. Ltd increased its position in shares of Legend Biotech by 1,730.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after buying an additional 3,374 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Legend Biotech in the second quarter worth about $78,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.