Legend Biotech’s (LEGN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Legend Biotech (NASDAQ:LEGNFree Report) in a research note published on Tuesday morning, Benzinga reports. HC Wainwright currently has a $73.00 price objective on the stock.

Several other brokerages have also issued reports on LEGN. Deutsche Bank Aktiengesellschaft began coverage on Legend Biotech in a research report on Thursday, May 23rd. They set a buy rating and a $60.00 target price for the company. Scotiabank upgraded shares of 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. Royal Bank of Canada raised their price target on shares of Legend Biotech from $85.00 to $86.00 and gave the stock an outperform rating in a research note on Tuesday, May 14th. UBS Group upped their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a buy rating in a research note on Monday, March 18th. Finally, Cantor Fitzgerald assumed coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an overweight rating and a $82.00 target price for the company. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of Buy and an average target price of $81.10.

Get Our Latest Analysis on Legend Biotech

Legend Biotech Stock Performance

NASDAQ LEGN opened at $41.34 on Tuesday. 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 $47.47 and a 200-day moving average price of $55.86. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $77.32. The firm has a market cap of $7.54 billion, a price-to-earnings ratio of -31.80 and a beta of 0.09.

Legend Biotech (NASDAQ:LEGNGet Free Report) last posted its earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.13. The firm had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The company’s quarterly revenue was up 158.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.40) EPS. As a group, equities research analysts predict that Legend Biotech will post -1.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in Legend Biotech by 1.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock valued at $614,137,000 after acquiring an additional 140,904 shares in the last quarter. RA Capital Management L.P. grew its position in shares of Legend Biotech by 9.5% during the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Legend Biotech by 71.6% in the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after purchasing an additional 962,381 shares during the period. Westfield Capital Management Co. LP boosted its stake in Legend Biotech by 26.1% during 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 buying an additional 463,527 shares during the period. Finally, Capital International Investors boosted its stake in Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after buying an additional 356,387 shares during the period. 70.89% of the stock is owned by hedge funds and other institutional investors.

About Legend Biotech

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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).

Further Reading

Analyst Recommendations for Legend Biotech (NASDAQ:LEGN)

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