Legend Biotech (NASDAQ:LEGN) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Legend Biotech (NASDAQ:LEGN - Free Report) in a research report report published on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $86.00 price objective on the stock.

A number of other equities analysts also recently commented on the company. Redburn Atlantic started coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price target for the company. BMO Capital Markets reiterated an "outperform" rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Wednesday, July 3rd. TD Cowen decreased their target price on Legend Biotech from $71.00 to $67.00 and set a "buy" rating for the company in a research note on Monday, July 15th. Scotiabank lifted their target price on 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 restated a "buy" rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, October 16th. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Legend Biotech currently has a consensus rating of "Buy" and a consensus price target of $82.08.

Legend Biotech Stock Up 0.4 %

NASDAQ:LEGN traded up $0.16 during mid-day trading on Tuesday, hitting $45.46. The company had a trading volume of 659,472 shares, compared to its average volume of 1,059,515. The business has a fifty day simple moving average of $49.78 and a 200-day simple moving average of $48.75. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of -34.97 and a beta of 0.10. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $70.13.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company's revenue was up 154.4% on a year-over-year basis. During the same period last year, the firm earned ($0.27) earnings per share. Equities analysts forecast that Legend Biotech will post -1.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LEGN. RA Capital Management L.P. increased its holdings in shares of Legend Biotech by 9.5% in the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company's stock valued at $384,839,000 after buying an additional 596,390 shares in the last quarter. Westfield Capital Management Co. LP grew its position in Legend Biotech by 26.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company's stock worth $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Capital International Investors grew its position in Legend Biotech by 19.5% during the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company's stock worth $122,336,000 after purchasing an additional 356,387 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Legend Biotech during the 2nd quarter worth approximately $13,487,000. Finally, Magnetar Financial LLC purchased a new position in Legend Biotech during the 2nd quarter worth approximately $11,146,000. 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).