Legend Biotech (NASDAQ:LEGN) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Friday, Benzinga reports. Royal Bank of Canada currently has a $86.00 price target on the stock.

A number of other equities analysts also recently commented on LEGN. BMO Capital Markets reissued an outperform rating and issued a $90.00 price objective on shares of Legend Biotech in a research note on Wednesday, July 3rd. HC Wainwright restated a buy rating and set a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, August 28th. Piper Sandler reiterated an overweight rating and issued a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th. Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a sector outperform rating in a research report on Monday, August 12th. Finally, Truist Financial started coverage on shares of Legend Biotech in a report on Monday, June 17th. They issued a buy rating and a $88.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech currently has an average rating of Buy and a consensus target price of $81.78.

Legend Biotech Price Performance

Shares of LEGN stock opened at $48.73 on Friday. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of -37.48 and a beta of 0.11. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. Legend Biotech has a twelve month low of $38.60 and a twelve month high of $70.78. The stock has a fifty day simple moving average of $53.97 and a two-hundred day simple moving average of $50.35.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The company had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $125.25 million. During the same period in the prior year, the business earned ($0.27) EPS. The firm’s quarterly revenue was up 154.4% on a year-over-year basis. On average, analysts predict that Legend Biotech will post -1.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC acquired a new position in Legend Biotech in the 2nd quarter worth approximately $2,620,000. Point72 Asset Management L.P. purchased a new stake in shares of Legend Biotech in the 2nd quarter valued at $13,487,000. Quarry LP increased its stake in shares of Legend Biotech by 4,400.0% in the second quarter. Quarry LP now owns 9,000 shares of the company’s stock worth $399,000 after acquiring an additional 8,800 shares during the period. Decheng Capital LLC raised its holdings in shares of Legend Biotech by 14.1% during the second quarter. Decheng Capital LLC now owns 98,558 shares of the company’s stock worth $4,365,000 after purchasing an additional 12,195 shares during the last quarter. Finally, Point72 Europe London LLP acquired a new position in Legend Biotech during the second quarter valued at $985,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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).