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

Scotiabank upgraded shares of Legend Biotech (NASDAQ:LEGN) from a sector perform rating to a sector outperform rating in a research report report published on Wednesday, MarketBeat Ratings reports. The brokerage currently has $65.00 price objective on the stock.

LEGN has been the topic of a number of other reports. HC Wainwright restated a buy rating and set a $87.00 price target on shares of Legend Biotech in a research report on Tuesday. Barclays increased their price objective on Legend Biotech from $93.00 to $94.00 and gave the company an overweight rating in a research report on Wednesday, January 24th. Raymond James started coverage on Legend Biotech in a research report on Wednesday, March 13th. They issued an outperform rating and a $86.00 price objective on the stock. Royal Bank of Canada reiterated an outperform rating and issued a $85.00 price objective on shares of Legend Biotech in a research report on Thursday, March 7th. Finally, Cantor Fitzgerald started coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an overweight rating and a $82.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $83.26.

Legend Biotech Stock Down 2.0 %

NASDAQ LEGN opened at $46.19 on Wednesday. The firm has a market cap of $8.40 billion, a PE ratio of -31.21 and a beta of 0.01. Legend Biotech has a one year low of $45.68 and a one year high of $77.32. The stock’s 50 day simple moving average is $59.31 and its 200 day simple moving average is $60.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Avior Wealth Management LLC raised its stake in Legend Biotech by 2.5% during the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock worth $445,000 after buying an additional 182 shares during the period. Public Sector Pension Investment Board raised its stake in Legend Biotech by 1.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 20,689 shares of the company’s stock worth $1,390,000 after buying an additional 220 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in Legend Biotech by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after buying an additional 253 shares during the period. Teacher Retirement System of Texas raised its stake in Legend Biotech by 2.6% during the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock worth $796,000 after buying an additional 296 shares during the period. Finally, OLD Mission Capital LLC raised its stake in Legend Biotech by 6.1% during the 4th quarter. OLD Mission Capital LLC now owns 5,171 shares of the company’s stock worth $311,000 after buying an additional 298 shares during the period. 70.89% of the stock is currently 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).