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

Key Points

• Royal Bank of Canada raised its price target for Legend Biotech from $75.00 to $77.00, suggesting a potential upside of 106.35% based on the current stock price.
• The stock has received multiple ratings upgrades, with a consensus rating of "Buy" and a consensus price target of $72.78.
• Legend Biotech reported a revenue increase of 36.8% year-over-year, totaling $255.06 million, despite posting a loss of ($0.34) EPS in its latest quarter.

Royal Bank Of Canada reissued their outperform rating on shares of Legend Biotech (NASDAQ:LEGN - Free Report) in a research report released on Tuesday morning, MarketBeat.com reports. The firm currently has a $77.00 price objective on the stock, up from their prior price objective of $75.00.

Several other equities research analysts have also commented on the company. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th. Morgan Stanley raised their price objective on Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday. Cantor Fitzgerald raised Legend Biotech to a "strong-buy" rating in a report on Monday, August 4th. Finally, UBS Group set a $54.00 price target on Legend Biotech and gave the stock a "buy" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $72.38.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN traded down $0.21 on Tuesday, hitting $37.50. The company had a trading volume of 869,003 shares, compared to its average volume of 1,161,058. The company has a current ratio of 4.71, a quick ratio of 5.07 and a debt-to-equity ratio of 0.30. Legend Biotech has a 52-week low of $27.34 and a 52-week high of $59.62. The business has a 50 day moving average of $37.86 and a 200 day moving average of $35.19. The company has a market cap of $6.89 billion, a PE ratio of -42.61 and a beta of 0.26.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%. The business had revenue of $255.06 million for the quarter, compared to analysts' expectations of $237.49 million. During the same quarter last year, the company posted ($0.05) earnings per share. The business's quarterly revenue was up 36.8% compared to the same quarter last year. As a group, equities analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds have recently modified their holdings of the company. Westfield Capital Management Co. LP increased its position in shares of Legend Biotech by 21.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock valued at $234,713,000 after purchasing an additional 1,203,871 shares during the period. Suvretta Capital Management LLC acquired a new position in shares of Legend Biotech in the 4th quarter worth $113,767,000. Braidwell LP grew its holdings in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after acquiring an additional 1,436,400 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock worth $77,030,000 after acquiring an additional 6,708 shares during the last quarter. Finally, Artisan Partners Limited Partnership grew its holdings in shares of Legend Biotech by 87.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company's stock worth $75,319,000 after acquiring an additional 990,500 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).