Legend Biotech (NASDAQ:LEGN) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $84.00 price objective on the stock.

Other equities analysts have also issued research reports about the company. Morgan Stanley decreased their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. HC Wainwright restated a “buy” rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday, April 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus target price of $78.82.

Legend Biotech Trading Up 6.9 %

NASDAQ:LEGN opened at $34.48 on Tuesday. Legend Biotech has a 52 week low of $29.27 and a 52 week high of $60.87. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of -36.29 and a beta of 0.21. The company’s 50 day moving average price is $34.92 and its 200-day moving average price is $37.50. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. During the same period last year, the business posted ($0.40) EPS. The company’s revenue was up 134.6% compared to the same quarter last year. On average, equities research analysts forecast that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake 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 worth $44,000 after buying an additional 765 shares during the period. Signaturefd LLC raised its stake in Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after acquiring an additional 1,579 shares during the period. GF Fund Management CO. LTD. purchased a new position in Legend Biotech during the fourth quarter valued at approximately $56,000. Shell Asset Management Co. boosted its position 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 worth $68,000 after purchasing an additional 800 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of Legend Biotech in the fourth quarter worth $77,000. 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).