Legend Biotech (NASDAQ:LEGN) Coverage Initiated at Deutsche Bank Aktiengesellschaft

Research analysts at Deutsche Bank Aktiengesellschaft assumed coverage on shares of Legend Biotech (NASDAQ:LEGN) in a research report issued on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $60.00 price target on the stock. Deutsche Bank Aktiengesellschaft’s price target would indicate a potential upside of 40.85% from the stock’s previous close.

A number of other research firms have also issued reports on LEGN. Barclays boosted their target price on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. UBS Group raised their target price on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Raymond James began coverage on Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price target for the company. Cantor Fitzgerald assumed coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective for the company. Finally, Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective for the company in a report on Wednesday, April 17th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.84.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $42.60 on Thursday. The company has a market cap of $7.77 billion, a P/E ratio of -32.77 and a beta of 0.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.66 and a quick ratio of 5.57. The stock has a 50-day moving average of $50.99 and a two-hundred day moving average of $57.41. Legend Biotech has a 1-year low of $42.08 and a 1-year high of $77.32.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13. The company had revenue of $93.90 million during the quarter, compared to the consensus estimate of $143.24 million. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. Legend Biotech’s revenue was up 158.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.40) EPS. As a group, analysts anticipate that Legend Biotech will post -0.9 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently made changes to their positions in LEGN. Teacher Retirement System of Texas grew its holdings in Legend Biotech by 2.6% during the third quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock valued at $796,000 after purchasing an additional 296 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in Legend Biotech by 16.1% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 36,369 shares of the company’s stock valued at $2,443,000 after purchasing an additional 5,040 shares in the last quarter. Jump Financial LLC grew its position in Legend Biotech by 2.8% in the third quarter. Jump Financial LLC now owns 47,209 shares of the company’s stock valued at $3,171,000 after purchasing an additional 1,274 shares in the last quarter. Barclays PLC grew its position in Legend Biotech by 235.7% in the third quarter. Barclays PLC now owns 281,094 shares of the company’s stock valued at $18,881,000 after purchasing an additional 197,357 shares in the last quarter. Finally, Swiss National Bank grew its position in Legend Biotech by 1.0% in the third quarter. Swiss National Bank now owns 139,594 shares of the company’s stock valued at $9,377,000 after purchasing an additional 1,400 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

About Legend Biotech

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).