Legend Biotech (NASDAQ:LEGN) Stock Rating Upgraded by Scotiabank

Legend Biotech (NASDAQ:LEGN) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report released on Wednesday, MarketBeat reports. The firm presently has a $65.00 target price on the stock. Scotiabank’s price objective suggests a potential upside of 37.95% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Barclays upped their price objective on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. UBS Group upped their price objective on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. HC Wainwright reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday. Raymond James initiated coverage on Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 target price on shares of Legend Biotech in a research report on Thursday, March 7th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.70.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $47.12 on Wednesday. The stock has a 50-day simple moving average of $59.61 and a two-hundred day simple moving average of $60.96. Legend Biotech has a 52-week low of $47.08 and a 52-week high of $77.32. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. The firm has a market capitalization of $8.57 billion, a PE ratio of -31.84 and a beta of 0.01.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. The firm had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. Analysts forecast that Legend Biotech will post -1.42 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Legend Biotech by 12.0% in the fourth quarter. Vanguard Group Inc. now owns 128,621 shares of the company’s stock valued at $7,739,000 after acquiring an additional 13,821 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Legend Biotech by 71.6% in the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after acquiring an additional 962,381 shares in the last quarter. Krane Funds Advisors LLC raised its stake in shares of Legend Biotech by 2.3% in the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after acquiring an additional 451 shares in the last quarter. Quarry LP acquired a new stake in shares of Legend Biotech in the fourth quarter valued at $45,000. Finally, Torno Capital LLC acquired a new stake in shares of Legend Biotech in the fourth quarter valued at $60,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).