Legend Biotech (LEGN) Receives Positive Analyst Coverage and Shows Revenue Growth
Analysts Maintain Bullish Stance on Legend Biotech
Yesterday, Leonid Timashev from RBC Capital Markets reaffirmed a "Buy" rating on Legend Biotech (LEGN), setting a price target of $84.00. This optimistic outlook aligns with the broader consensus among analysts, who collectively assign the stock a "Strong Buy" rating. The average price target stands at $84.70, suggesting a potential upside of 127.75% from the stock’s closing price of $37.19 on the previous day.
Leonid Timashev’s Investment Track Record
Leonid Timashev specializes in the Healthcare sector, with a portfolio that includes notable companies such as Axsome Therapeutics, Cytokinetics, and COMPASS Pathways. His investment recommendations have demonstrated a strong success rate, with an average return of 9.9% and a success rate of 42.31%, according to TipRanks.
Recent Earnings Report Highlights Legend Biotech’s Growth
Legend Biotech’s latest earnings report for the quarter ending September 30 revealed a quarterly revenue of $160.21 million, marking a significant increase from the $96.01 million reported in the same period last year. Despite this revenue growth, the company incurred a GAAP net loss of $125.32 million, compared to a net loss of $62.21 million in the previous year.
Citi Reaffirms "Buy" Rating with Higher Price Target
In a report released today, Citi also maintained a "Buy" rating on Legend Biotech with a higher price target of $95.00. This further solidifies the positive sentiment among analysts regarding the company’s future prospects.
Conclusion: Analyst Consensus Points to Strong Potential
The consistent "Buy" ratings from multiple analysts, coupled with a significant average price target, indicate strong confidence in Legend Biotech’s growth potential. While the company is currently operating at a net loss, its revenue growth trajectory suggests that it is making strides in the competitive biotech industry.
Final Thoughts
Investors should consider the strong analyst consensus and the company’s revenue growth when evaluating Legend Biotech as a potential investment opportunity. The substantial upside projected by analyst price targets makes it an attractive option for those looking to capitalize on the biotech sector’s advancements.
