Legend Biotech’s (LEGN) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reissued their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has a $66.00 price target on the stock.

Other research analysts have also issued research reports about the stock. Johnson Rice set a $60.00 price target on shares of Legend Biotech in a research note on Friday, October 17th. Cantor Fitzgerald decreased their target price on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Barclays dropped their target price on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a report on Thursday, November 13th. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a research report on Wednesday, November 26th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.50.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $19.34 on Tuesday. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The business’s 50 day moving average price is $24.15 and its two-hundred day moving average price is $31.44. The company has a market cap of $3.57 billion, a PE ratio of -29.75 and a beta of 0.12. Legend Biotech has a twelve month low of $19.21 and a twelve month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business’s revenue was up 70.0% on a year-over-year basis. During the same period last year, the firm posted ($0.34) earnings per share. On average, analysts predict that Legend Biotech will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently modified their holdings of the business. Artisan Partners Limited Partnership raised its holdings in shares of Legend Biotech by 87.5% during the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock worth $75,319,000 after buying an additional 990,500 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Legend Biotech during the second quarter worth about $15,790,000. SG Americas Securities LLC raised its stake in Legend Biotech by 6,774.9% during the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock worth $8,081,000 after acquiring an additional 366,321 shares in the last quarter. Jump Financial LLC lifted its holdings in shares of Legend Biotech by 302.4% in the third quarter. Jump Financial LLC now owns 403,211 shares of the company’s stock worth $13,149,000 after acquiring an additional 303,008 shares during the last quarter. Finally, Stempoint Capital LP acquired a new stake in shares of Legend Biotech in the 2nd quarter valued at approximately $9,587,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

About Legend Biotech

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.