Legend Biotech (NASDAQ:LEGN) Given Outperform Rating at Royal Bank of Canada

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a research report issued on Tuesday, Benzinga reports. They currently have a $86.00 price target on the stock. Royal Bank of Canada’s price target suggests a potential upside of 94.26% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective for the company. TD Cowen cut their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. Scotiabank lifted their price objective on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. BMO Capital Markets reissued an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. Finally, HC Wainwright restated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Wednesday, October 16th. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $82.08.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $44.27 on Tuesday. The business’s 50-day moving average price is $49.54 and its 200 day moving average price is $48.72. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. The firm has a market cap of $8.07 billion, a P/E ratio of -56.76 and a beta of 0.10. Legend Biotech has a 52-week low of $38.60 and a 52-week high of $70.13.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. The company’s revenue for the quarter was up 154.4% compared to the same quarter last year. On average, equities research analysts expect that Legend Biotech will post -1.48 earnings per share for the current year.

Institutional Trading of Legend Biotech

Several large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of Legend Biotech by 1.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock valued at $614,137,000 after purchasing an additional 140,904 shares during the last quarter. RA Capital Management L.P. increased its position in Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after buying an additional 596,390 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after acquiring an additional 463,527 shares in the last quarter. Capital International Investors boosted its stake in shares of Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after acquiring an additional 356,387 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Legend Biotech by 8.0% during the 1st quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock worth $112,982,000 after purchasing an additional 148,855 shares in the last quarter. 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).