Legend Biotech (NASDAQ:LEGN) Receives Outperform Rating from Royal Bank of Canada

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "outperform" rating reissued by investment analysts at Royal Bank of Canada in a report released on Monday,Benzinga reports. They presently have a $86.00 price target on the stock. Royal Bank of Canada's price objective points to a potential upside of 106.58% from the company's current price.

LEGN has been the subject of a number of other reports. Redburn Atlantic started coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a "buy" rating and a $86.00 target price for the company. Scotiabank lifted their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research note on Monday, August 12th. Finally, HC Wainwright reiterated a "buy" rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $81.54.

Legend Biotech Stock Up 0.2 %

LEGN traded up $0.09 on Monday, reaching $41.63. 1,592,601 shares of the company traded hands, compared to its average volume of 1,119,285. The stock's 50 day moving average price is $43.80 and its 200-day moving average price is $47.94. Legend Biotech has a 52-week low of $36.92 and a 52-week high of $70.13. The company has a market cap of $7.60 billion, a price-to-earnings ratio of -44.29 and a beta of 0.09. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. The firm's revenue was up 66.9% on a year-over-year basis. On average, sell-side analysts expect that Legend Biotech will post -1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently bought and sold shares of LEGN. Franklin Resources Inc. bought a new stake in Legend Biotech in the 3rd quarter valued at $12,837,000. Geode Capital Management LLC increased its holdings in Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock valued at $23,933,000 after buying an additional 17,337 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Legend Biotech in the 3rd quarter valued at $229,000. Groupama Asset Managment increased its holdings in Legend Biotech by 20.2% in the 3rd quarter. Groupama Asset Managment now owns 27,374 shares of the company's stock valued at $1,329,000 after buying an additional 4,592 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in Legend Biotech in the 3rd quarter valued at $458,000. Institutional investors 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).