Legend Biotech (NASDAQ:LEGN) Given Outperform Rating at BMO Capital Markets

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reissued by research analysts at BMO Capital Markets in a note issued to investors on Wednesday, Benzinga reports. They presently have a $90.00 price objective on the stock. BMO Capital Markets’ price target suggests a potential upside of 101.16% from the company’s previous close.

Several other research firms have also weighed in on LEGN. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective on the stock in a research note on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft started coverage on shares of Legend Biotech in a research report on Thursday, May 23rd. They set a “buy” rating and a $60.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Friday, June 21st. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 price target on shares of Legend Biotech in a report on Monday, June 17th. Finally, Truist Financial initiated coverage on Legend Biotech in a research report on Monday, June 17th. They issued a “buy” rating and a $88.00 target price on the stock. Fourteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $82.31.

Legend Biotech Trading Down 2.8 %

NASDAQ LEGN opened at $44.74 on Wednesday. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of -34.42 and a beta of 0.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.66 and a quick ratio of 5.57. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $77.32. The company’s fifty day moving average price is $43.72 and its two-hundred day moving average price is $53.48.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.13. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The business had revenue of $93.90 million during the quarter, compared to the consensus estimate of $143.24 million. During the same period last year, the firm earned ($0.40) earnings per share. The company’s revenue for the quarter was up 158.7% compared to the same quarter last year. As a group, research analysts predict that Legend Biotech will post -1.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Quarry LP purchased a new position in shares of Legend Biotech in the fourth quarter worth approximately $45,000. American International Group Inc. grew its position in Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Legend Biotech by 53.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock valued at $91,000 after purchasing an additional 472 shares during the period. Barometer Capital Management Inc. purchased a new stake in shares of Legend Biotech in the fourth quarter valued at $120,000. Finally, California State Teachers Retirement System boosted its position in shares of Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after buying an additional 2,216 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).