Legend Biotech (NASDAQ:LEGN) Lifted to “Sector Outperform” at Scotiabank

Scotiabank upgraded shares of Legend Biotech (NASDAQ:LEGN) from a sector perform rating to a sector outperform rating in a report released on Wednesday, Marketbeat reports. Scotiabank currently has $65.00 target price on the stock.

A number of other brokerages have also weighed in on LEGN. Royal Bank of Canada restated an outperform rating and set a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. HC Wainwright reaffirmed a buy rating and set a $87.00 target price on shares of Legend Biotech in a report on Tuesday. UBS Group increased their target price on Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a report on Monday, March 18th. Barclays increased their target price on Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Finally, Cantor Fitzgerald initiated coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an overweight rating and a $82.00 target price on the stock. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $83.26.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $46.19 on Wednesday. Legend Biotech has a fifty-two week low of $45.68 and a fifty-two week high of $77.32. The business has a 50 day moving average price of $59.31 and a two-hundred day moving average price of $60.83. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22. The firm has a market cap of $8.40 billion, a PE ratio of -31.21 and a beta of 0.01.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. Sell-side analysts expect that Legend Biotech will post -1.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in Legend Biotech by 11.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company’s stock valued at $650,332,000 after purchasing an additional 1,114,848 shares during the period. BlackRock Inc. boosted its position in Legend Biotech by 14.9% during the 2nd quarter. BlackRock Inc. now owns 4,743,594 shares of the company’s stock valued at $327,450,000 after purchasing an additional 615,641 shares during the period. Capital International Investors boosted its position in Legend Biotech by 0.4% during the 1st quarter. Capital International Investors now owns 2,810,737 shares of the company’s stock valued at $102,142,000 after purchasing an additional 11,755 shares during the period. Wellington Management Group LLP boosted its position in Legend Biotech by 14.6% during the 1st quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company’s stock valued at $94,841,000 after purchasing an additional 332,773 shares during the period. Finally, Capital World Investors boosted its position in Legend Biotech by 85.5% during the 1st quarter. Capital World Investors now owns 2,214,024 shares of the company’s stock valued at $80,458,000 after purchasing an additional 1,020,545 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).