Legend Biotech (NASDAQ:LEGN) Price Target Lowered to $50.00 at HC Wainwright

Legend Biotech (NASDAQ:LEGN) had its price target decreased by HC Wainwright from $60.00 to $50.00 in a research note issued to investors on Thursday, MarketBeat reports. HC Wainwright currently has a buy rating on the stock.

A number of other research firms also recently issued reports on LEGN. Oppenheimer initiated coverage on shares of Legend Biotech in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price target on the stock. Morgan Stanley dropped their target price on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, December 12th. JPMorgan Chase & Co. decreased their price target on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Jefferies Financial Group set a $21.00 price target on Legend Biotech in a research report on Thursday. Finally, Cantor Fitzgerald dropped their price objective on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.50.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $19.34 on Thursday. The firm has a market cap of $3.57 billion, a PE ratio of -29.75 and a beta of 0.12. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. Legend Biotech has a 52 week low of $19.21 and a 52 week high of $45.30. The business’s fifty day simple moving average is $24.15 and its 200-day simple moving average is $31.44.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The firm had revenue of $272.33 million during the quarter, compared to the consensus estimate of $277.91 million. During the same period last year, the company earned ($0.34) EPS. The company’s quarterly revenue was up 70.0% on a year-over-year basis. Equities analysts forecast that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Suvretta Capital Management LLC raised its position in Legend Biotech by 1.2% in 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 stake in shares of Legend Biotech by 20.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after buying an additional 425,684 shares during the period. Alliancebernstein L.P. raised its holdings in Legend Biotech by 4.6% in the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after acquiring an additional 72,371 shares in the last quarter. Matthews International Capital Management LLC raised its holdings in Legend Biotech by 17.3% in the second quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock valued at $45,890,000 after acquiring an additional 191,165 shares in the last quarter. Finally, IvyRock Asset Management HK Ltd lifted its stake in Legend Biotech by 3.1% in the second quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock worth $30,873,000 after acquiring an additional 25,900 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.