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 issued on Tuesday morning,Benzinga reports. The firm currently has a $84.00 price objective on the stock.

Other analysts have also recently issued research reports about the company. Piper Sandler reiterated an "overweight" rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Morgan Stanley lowered their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. HC Wainwright reissued a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a report on Wednesday, April 16th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $78.82.

Legend Biotech Stock Performance

Legend Biotech stock traded up $0.04 during midday trading on Tuesday, hitting $34.28. The stock had a trading volume of 570,668 shares, compared to its average volume of 1,233,947. Legend Biotech has a 52-week low of $29.27 and a 52-week high of $60.87. The company has a market capitalization of $6.30 billion, a PE ratio of -36.08 and a beta of 0.21. The firm's fifty day moving average is $34.76 and its two-hundred day moving average is $37.20. 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 (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $186.50 million during the quarter, compared to analysts' expectations of $179.00 million. During the same period in the prior year, the company posted ($0.40) earnings per share. The company's revenue for the quarter was up 134.6% compared to the same quarter last year. On average, research analysts forecast that Legend Biotech will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its position in shares of Legend Biotech by 1.4% during the first quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock worth $951,000 after purchasing an additional 391 shares during the last quarter. GAMMA Investing LLC increased its position in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after purchasing an additional 765 shares during the period. Shell Asset Management Co. raised its holdings in shares of Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after purchasing an additional 800 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Legend Biotech by 12.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company's stock worth $238,000 after purchasing an additional 835 shares during the period. Finally, Diversified Trust Co lifted its position in shares of Legend Biotech by 1.9% in the 1st quarter. Diversified Trust Co now owns 46,151 shares of the company's stock worth $1,566,000 after purchasing an additional 863 shares during the period. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

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).