Legend Biotech’s (LEGN) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a $87.00 price objective on the stock.

Several other equities analysts have also issued reports on LEGN. Scotiabank raised Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 target price on the stock in a research note on Wednesday, April 17th. UBS Group increased their target price on Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a research note on Monday, March 18th. Cantor Fitzgerald began coverage on Legend Biotech in a research note on Wednesday, April 3rd. They set an overweight rating and a $82.00 target price on the stock. Raymond James assumed coverage on Legend Biotech in a research note on Wednesday, March 13th. They set an outperform rating and a $86.00 target price on the stock. Finally, Barclays upped their price target on Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $83.26.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $47.45 on Tuesday. Legend Biotech has a 52 week low of $45.52 and a 52 week high of $77.32. The business’s fifty day simple moving average is $58.82 and its 200-day simple moving average is $60.51. The firm has a market cap of $8.63 billion, a PE ratio of -32.06 and a beta of 0.01. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. The business’s revenue was up 177.2% on a year-over-year basis. Equities analysts forecast that Legend Biotech will post -1.43 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. BluePath Capital Management LLC purchased a new position in shares of Legend Biotech in the 3rd quarter valued at about $32,000. Quarry LP purchased a new position in shares of Legend Biotech in the 4th quarter valued at about $45,000. PNC Financial Services Group Inc. increased its holdings in shares of Legend Biotech by 53.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock valued at $91,000 after acquiring an additional 472 shares during the last quarter. Barometer Capital Management Inc. purchased a new position in shares of Legend Biotech in the 4th quarter valued at about $120,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Legend Biotech by 141.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,048 shares of the company’s stock valued at $138,000 after acquiring an additional 1,199 shares during the last quarter. Hedge funds and other institutional investors 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).