Legend Biotech (NASDAQ:LEGN) Given “Outperform” Rating at BMO Capital Markets

BMO Capital Markets reissued their outperform rating on shares of Legend Biotech (NASDAQ:LEGN) in a report published on Wednesday morning, Benzinga reports. They currently have a $90.00 target price on the stock.

LEGN has been the subject of a number of other research reports. Truist Financial started coverage on shares of Legend Biotech in a research note on Monday, June 17th. They set a buy rating and a $88.00 price target for the company. Raymond James assumed 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 on the stock. Scotiabank upgraded Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 price target for the company in a research note on Wednesday, April 17th. UBS Group increased their price objective on Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a research note on Monday, March 18th. Finally, Cantor Fitzgerald initiated coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an overweight rating and a $82.00 target price on the stock. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech currently has a consensus rating of Buy and a consensus target price of $82.31.

Legend Biotech Stock Performance

Shares of LEGN opened at $45.91 on Wednesday. Legend Biotech has a one year low of $38.60 and a one year high of $77.32. The company has a market cap of $8.37 billion, a PE ratio of -35.32 and a beta of 0.11. The stock has a 50-day moving average of $43.73 and a 200-day moving average of $53.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.66 and a quick ratio of 5.57.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The firm had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $143.24 million. During the same quarter last year, the firm posted ($0.40) earnings per share. The company’s revenue for the quarter was up 158.7% compared to the same quarter last year. On average, equities research analysts predict that Legend Biotech will post -1.93 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

A number of large investors have recently bought and sold shares of LEGN. Quarry LP purchased a new position in shares of Legend Biotech during the 4th quarter valued at $45,000. American International Group Inc. boosted its position in Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares during the period. PNC Financial Services Group Inc. boosted its position in Legend Biotech by 53.9% during the third quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock worth $91,000 after purchasing an additional 472 shares during the period. Barometer Capital Management Inc. bought a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $120,000. Finally, California State Teachers Retirement System lifted its stake in shares of Legend Biotech by 196.3% during the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after buying an additional 2,216 shares in the last quarter. 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).