Legend Biotech (NASDAQ:LEGN) Earns Outperform Rating from Royal Bank Of Canada

Legend Biotech (NASDAQ:LEGN)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank Of Canada in a report released on Tuesday,Benzinga reports. They presently have a $66.00 price objective on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 182.17% from the stock’s current price.

LEGN has been the subject of several other reports. Johnson Rice set a $60.00 price objective on Legend Biotech in a research report on Friday, October 17th. Jefferies Financial Group raised Legend Biotech to a “strong-buy” rating in a report on Monday. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a research report on Wednesday, November 26th. Cantor Fitzgerald lowered their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Finally, UBS Group cut their price target on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, December 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Legend Biotech Stock Up 5.6%

Shares of LEGN stock traded up $1.25 during trading hours on Tuesday, reaching $23.39. 1,859,067 shares of the stock were exchanged, compared to its average volume of 2,437,194. The business’s fifty day moving average is $24.77 and its two-hundred day moving average is $31.68. The firm has a market capitalization of $4.32 billion, a P/E ratio of -35.95 and a beta of 0.12. Legend Biotech has a 12-month low of $20.21 and a 12-month high of $45.30. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate 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 net margin of 26.37% and a negative return on equity of 24.47%. The firm’s revenue was up 70.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.34) EPS. As a group, research analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Suvretta Capital Management LLC grew its stake in Legend Biotech by 1.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock valued at $124,505,000 after acquiring an additional 44,000 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after purchasing an additional 425,684 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Legend Biotech by 4.6% in the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after buying an additional 72,371 shares in the last quarter. Matthews International Capital Management LLC grew its holdings in Legend Biotech by 17.3% during the 2nd quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock valued at $45,890,000 after buying an additional 191,165 shares during the last quarter. Finally, IvyRock Asset Management HK Ltd increased its position in Legend Biotech by 3.1% during the second quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock worth $30,873,000 after buying an additional 25,900 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

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.