Legend Biotech (NASDAQ:LEGN) Earns “Buy” Rating from HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reiterated by HC Wainwright in a research report issued on Wednesday, Benzinga reports. They presently have a $73.00 price objective on the stock. HC Wainwright’s target price points to a potential upside of 63.16% from the stock’s previous close.

A number of other research firms have also recently commented on LEGN. Truist Financial started coverage on shares of Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 price objective for the company. Raymond James started coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price for the company. Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price for the company in a research report on Wednesday, April 17th. UBS Group boosted their target price 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. Finally, Piper Sandler reissued an “overweight” rating and issued a $90.00 target price on shares of Legend Biotech in a research report on Monday, June 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $81.67.

Legend Biotech Trading Down 2.8 %

LEGN stock opened at $44.74 on Wednesday. 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 company has a fifty day moving average price of $43.72 and a two-hundred day moving average price of $53.48. Legend Biotech has a one year low of $38.60 and a one year high of $77.32. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of -34.42 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.13. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The firm had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $143.24 million. During the same period in the previous year, the business posted ($0.40) earnings per share. The company’s revenue for the quarter was up 158.7% compared to the same quarter last year. Equities analysts anticipate that Legend Biotech will post -1.93 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LEGN. Wellington Management Group LLP boosted its holdings in Legend Biotech by 71.6% in the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after acquiring an additional 962,381 shares during the last quarter. RA Capital Management L.P. boosted its holdings in Legend Biotech by 9.5% in the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after acquiring an additional 596,390 shares during the last quarter. Altitude Crest Partners Inc. bought a new stake in Legend Biotech in the fourth quarter valued at approximately $32,601,000. First Turn Management LLC bought a new stake in Legend Biotech in the fourth quarter valued at approximately $28,646,000. Finally, Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after acquiring an additional 463,527 shares during 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).