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

Scotiabank upgraded shares of Legend Biotech (NASDAQ:LEGN) from a sector perform rating to a sector outperform rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports. The brokerage currently has $65.00 target price on the stock.

Other equities analysts have also recently issued research reports about the stock. UBS Group upped 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. Royal Bank of Canada reiterated an outperform rating and issued a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. Raymond James started coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an outperform rating and a $86.00 price objective on the stock. HC Wainwright reiterated a buy rating and issued a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday. Finally, Barclays increased their price objective 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. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Legend Biotech has a consensus rating of Moderate Buy and a consensus target price of $82.70.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $48.83 on Wednesday. Legend Biotech has a one year low of $48.03 and a one year high of $77.32. The company’s 50-day moving average is $59.84 and its 200 day moving average is $61.06. The company has a market capitalization of $8.88 billion, a price-to-earnings ratio of -32.99 and a beta of 0.01. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $95.63 million. The firm’s revenue for the quarter was up 177.2% compared to the same quarter last year. Sell-side analysts expect that Legend Biotech will post -1.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BluePath Capital Management LLC purchased a new position in Legend Biotech during the third quarter worth $32,000. American International Group Inc. purchased a new position in Legend Biotech during the second quarter worth $33,000. Lazard Asset Management LLC purchased a new position in Legend Biotech during the fourth quarter worth $33,000. Coppell Advisory Solutions LLC purchased a new position in Legend Biotech during the second quarter worth $41,000. Finally, Quarry LP purchased a new position in Legend Biotech during the fourth quarter worth $45,000. 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).