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

Legend Biotech (NASDAQ:LEGN) was upgraded by Scotiabank from a “sector perform” rating to a “sector outperform” rating in a note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a $65.00 price objective on the stock. Scotiabank’s price objective points to a potential upside of 33.20% from the stock’s previous close.

LEGN has been the topic of a number of other reports. 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 target on the stock. Cantor Fitzgerald assumed coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price objective on the stock. UBS Group increased their price objective on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Barclays increased their price objective 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, HC Wainwright restated a “buy” rating and issued a $87.00 target price on shares of Legend Biotech in a report on Tuesday. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Trading Down 2.6 %

NASDAQ:LEGN traded down $1.32 on Wednesday, hitting $48.80. The stock had a trading volume of 1,015,191 shares, compared to its average volume of 988,426. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of -33.13 and a beta of 0.01. The company has a fifty day moving average price of $60.03 and a two-hundred day moving average price of $61.15. Legend Biotech has a 1-year low of $48.03 and a 1-year high of $77.32.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.30. The company had revenue of $76.50 million for 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%. The firm’s revenue was up 177.2% compared to the same quarter last year. Equities research analysts expect that Legend Biotech will post -1.42 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Hedge funds have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. increased its holdings in shares of Legend Biotech by 101.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock valued at $114,761,000 after purchasing an additional 860,410 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in Legend Biotech by 71.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock valued at $112,050,000 after acquiring an additional 696,096 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Legend Biotech during the 3rd quarter valued at about $974,000. Massachusetts Financial Services Co. MA increased its holdings in Legend Biotech by 12.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,867,032 shares of the company’s stock valued at $125,409,000 after acquiring an additional 212,327 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in Legend Biotech by 50.2% during the 4th quarter. SG Americas Securities LLC now owns 40,033 shares of the company’s stock valued at $2,409,000 after acquiring an additional 13,381 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).