Royal Bank of Canada Reaffirms "Outperform" Rating for Legend Biotech (NASDAQ:LEGN)

Royal Bank of Canada reaffirmed their outperform rating on shares of Legend Biotech (NASDAQ:LEGN - Free Report) in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a $84.00 target price on the stock.

Several other brokerages have also issued reports on LEGN. HC Wainwright reaffirmed a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a research report on Wednesday, April 16th. Morgan Stanley decreased their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Finally, Piper Sandler reiterated an "overweight" rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $78.82.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN traded up $0.04 during trading on Tuesday, reaching $34.28. 570,668 shares of the stock were exchanged, compared to its average volume of 1,232,594. The firm has a market cap of $6.30 billion, a PE ratio of -36.08 and a beta of 0.21. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech has a 12 month low of $29.27 and a 12 month high of $60.87. The stock has a 50-day moving average price of $34.76 and a 200-day moving average price of $37.28.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of ($0.39) by $0.46. The firm had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company's revenue was up 134.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.40) EPS. Research analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after acquiring an additional 765 shares during the last quarter. Signaturefd LLC increased its stake in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after purchasing an additional 1,579 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $56,000. Shell Asset Management Co. lifted its stake in shares of Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after buying an additional 800 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new position in shares of Legend Biotech in the fourth quarter valued at $77,000. 70.89% of the stock is currently owned by 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).