Legend Biotech (NASDAQ:LEGN) Price Target Lowered to $74.00 at Royal Bank Of Canada

Legend Biotech (NASDAQ:LEGN) had its price target decreased by Royal Bank Of Canada from $75.00 to $74.00 in a research report report published on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other research firms have also recently issued reports on LEGN. HC Wainwright decreased their price target on shares of Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 17th. JPMorgan Chase & Co. cut their price objective on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Johnson Rice set a $60.00 target price on Legend Biotech in a report on Friday, October 17th. Cantor Fitzgerald upped their price objective on shares of Legend Biotech from $66.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Legend Biotech in a report on Wednesday, October 8th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $72.10.

Legend Biotech Stock Down 2.3%

Shares of NASDAQ LEGN traded down $0.72 during mid-day trading on Thursday, reaching $30.29. 1,348,519 shares of the company traded hands, compared to its average volume of 1,259,498. The company’s fifty day moving average is $32.64 and its two-hundred day moving average is $34.32. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $45.30. The stock has a market cap of $5.59 billion, a PE ratio of -46.60 and a beta of 0.17.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.35% and a negative net margin of 26.37%.The firm had revenue of $272.33 million during the quarter, compared to analyst estimates of $277.91 million. During the same period in the previous year, the company earned ($0.34) EPS. The company’s revenue for the quarter was up 70.0% on a year-over-year basis. On average, analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP increased its holdings in shares of Legend Biotech by 21.1% during the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company’s stock worth $234,713,000 after buying an additional 1,203,871 shares in the last quarter. Suvretta Capital Management LLC increased its holdings in Legend Biotech by 1.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock valued at $124,505,000 after purchasing an additional 44,000 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock valued at $77,030,000 after purchasing an additional 6,708 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Legend Biotech by 3.5% in the second quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock worth $55,386,000 after purchasing an additional 52,344 shares in the last quarter. 70.89% of the stock is owned by institutional investors.

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).