Scotiabank Upgrades Legend Biotech (NASDAQ:LEGN) to “Sector Outperform”

Legend Biotech (NASDAQ:LEGN) was upgraded by equities researchers at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report issued on Wednesday, MarketBeat reports. The firm presently has a $65.00 price target on the stock. Scotiabank’s price objective points to a potential upside of 37.95% from the stock’s previous close.

LEGN has been the subject of several other reports. UBS Group increased their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price target for the company. Raymond James began coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price target for the company. Barclays upped their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $85.00 price target on shares of Legend Biotech in a research report on Thursday, March 7th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Price Performance

NASDAQ LEGN opened at $47.12 on Wednesday. Legend Biotech has a 52 week low of $47.08 and a 52 week high of $77.32. 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 stock has a market cap of $8.57 billion, a price-to-earnings ratio of -31.84 and a beta of 0.01. The company has a 50-day moving average price of $59.61 and a two-hundred day moving average price of $60.96.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly 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. The company had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. Legend Biotech’s quarterly revenue was up 177.2% on a year-over-year basis. Analysts forecast that Legend Biotech will post -1.42 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently modified their holdings of LEGN. Vanguard Group Inc. raised its stake in shares of Legend Biotech by 12.0% during the fourth quarter. Vanguard Group Inc. now owns 128,621 shares of the company’s stock worth $7,739,000 after buying an additional 13,821 shares during the last quarter. Wellington Management Group LLP grew its holdings in Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares during the period. Krane Funds Advisors LLC boosted its holdings in shares of Legend Biotech by 2.3% in the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after buying an additional 451 shares during the period. Quarry LP acquired a new position in shares of Legend Biotech in the fourth quarter valued at approximately $45,000. Finally, Torno Capital LLC acquired a new position in shares of Legend Biotech in the fourth quarter valued at approximately $60,000. 70.89% of the stock is owned by 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).