Legend Biotech (NASDAQ:LEGN) Rating Increased to Sector Outperform at Scotiabank

by · The Cerbat Gem

Scotiabank upgraded shares of Legend Biotech (NASDAQ:LEGN – Free Report) from a sector perform rating to a sector outperform rating in a research note released on Wednesday, MarketBeat reports. Scotiabank currently has $65.00 target price on the stock.

A number of other equities analysts also recently weighed in on LEGN. Royal Bank of Canada reaffirmed an outperform rating and issued a $85.00 target price on shares of Legend Biotech in a research note on Thursday, March 7th. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an overweight rating and a $82.00 price target for the company. Barclays boosted their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Raymond James began coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an outperform rating and a $86.00 price target for the company. Finally, UBS Group boosted their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a research note on Monday, March 18th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $83.26.

Get Our Latest Stock Report on Legend Biotech

Legend Biotech Trading Down 2.0 %

Shares of NASDAQ LEGN opened at $46.19 on Wednesday. Legend Biotech has a 1-year low of $45.68 and a 1-year high of $77.32. The company has a market cap of $8.40 billion, a PE ratio of -31.21 and a beta of 0.01. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average of $59.31 and a two-hundred day moving average of $60.80.

Legend Biotech (NASDAQ:LEGN – Get Free Report) last announced its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The company had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. Legend Biotech’s quarterly revenue was up 177.2% on a year-over-year basis. As a group, equities analysts expect that Legend Biotech will post -1.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LEGN. E Fund Management Hong Kong Co. Ltd. grew its holdings in Legend Biotech by 197.1% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 26,523 shares of the company’s stock valued at $1,079,000 after purchasing an additional 17,596 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Legend Biotech by 19.2% in the first quarter. Bank of New York Mellon Corp now owns 37,900 shares of the company’s stock valued at $1,377,000 after buying an additional 6,100 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Legend Biotech in the first quarter valued at approximately $432,000. BlackRock Inc. boosted its holdings in shares of Legend Biotech by 26.6% in the first quarter. BlackRock Inc. now owns 3,046,229 shares of the company’s stock valued at $110,701,000 after buying an additional 639,828 shares during the period. Finally, APG Asset Management N.V. acquired a new position in shares of Legend Biotech in the first quarter valued at approximately $353,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Company Profile

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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).

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