HC Wainwright Reaffirms “Buy” Rating for Legend Biotech (NASDAQ:LEGN)

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $50.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 137.19% from the stock’s previous close. HC Wainwright also issued estimates for Legend Biotech’s Q2 2026 earnings at $0.03 EPS, Q3 2026 earnings at $0.07 EPS, Q1 2027 earnings at $0.17 EPS, Q2 2027 earnings at $0.24 EPS and Q4 2027 earnings at $0.43 EPS.

Several other brokerages have also recently commented on LEGN. Raymond James Financial reiterated an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Royal Bank Of Canada decreased their target price on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, March 11th. Morgan Stanley decreased their price target on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Wednesday, March 11th. Finally, Jefferies Financial Group restated a “buy” rating and set a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.31.

Legend Biotech Price Performance

Shares of LEGN opened at $21.08 on Wednesday. Legend Biotech has a one year low of $16.24 and a one year high of $45.30. The company has a 50-day moving average of $18.42 and a two-hundred day moving average of $23.61. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of -26.35 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Wednesday, March 11th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The company had revenue of $306.30 million during the quarter, compared to analysts’ expectations of $310.21 million. During the same period last year, the company posted $0.07 earnings per share. The business’s revenue for the quarter was up 64.2% on a year-over-year basis. Analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current year.

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 9,936 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the sale, the chief executive officer directly owned 247,438 shares in the company, valued at approximately $2,170,031.26. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

Several institutional investors have recently made changes to their positions in LEGN. Rakuten Investment Management Inc. bought a new position in Legend Biotech during the third quarter valued at approximately $7,581,000. Mutual of America Capital Management LLC bought a new position in Legend Biotech during the third quarter valued at approximately $2,691,000. SG Americas Securities LLC raised its position in Legend Biotech by 6,774.9% during the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock valued at $8,081,000 after acquiring an additional 366,321 shares in the last quarter. Artisan Partners Limited Partnership raised its position in Legend Biotech by 20.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after acquiring an additional 425,684 shares in the last quarter. Finally, Connective Portfolio Management LLC bought a new position in Legend Biotech during the third quarter valued at approximately $805,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Key Legend Biotech News

Here are the key news stories impacting Legend Biotech this week:

• Positive Sentiment: HC Wainwright reaffirmed its “Buy” rating and set a $50 price target (large implied upside vs. the current price), which likely attracted buying interest. Read More.
• Neutral Sentiment: HC Wainwright published forward EPS trajectories showing meaningful improvement into 2027 (examples: Q1 2027 $0.17, Q2 2027 $0.24, Q4 2027 $0.43), supporting a longer-term earnings recovery narrative even as near-term figures were revised. Read More.
• Neutral Sentiment: Coverage pieces and analyst commentaries (Globe and Mail, AmericanBankingNews) are highlighting the company alongside peers, keeping Legend in investor conversations but not introducing new material company-specific catalysts. Read More.
• Negative Sentiment: HC Wainwright trimmed near-term EPS estimates — notably Q2 2026 to $0.03 (from $0.06) and Q3 2026 to $0.07 (from $0.14) — which signals weaker near-term profitability expectations and could cap upside until results or guidance prove otherwise. Read More.

About Legend Biotech

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.