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

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note published on Tuesday morning,Benzinga reports. HC Wainwright currently has a $50.00 price objective on the stock.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research report on Tuesday, March 10th. Oppenheimer assumed coverage on Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price target for the company. Royal Bank Of Canada lowered their price target on Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, March 11th. TD Cowen reaffirmed a “hold” rating and issued a $21.00 price target (down from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. Finally, Rothschild & Co Redburn lowered Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a research report on Thursday, February 12th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Legend Biotech presently has a consensus rating of “Moderate Buy” and an average price target of $58.31.

Legend Biotech Trading Up 0.6%

Shares of Legend Biotech stock opened at $25.22 on Tuesday. The business has a fifty day simple moving average of $18.81 and a two-hundred day simple moving average of $23.30. The firm has a market capitalization of $4.66 billion, a P/E ratio of -31.53 and a beta of 0.08. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18. The firm had revenue of $306.30 million during the quarter, compared to analyst estimates of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.Legend Biotech’s quarterly revenue was up 64.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 EPS. Analysts predict that Legend Biotech will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total value 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Several large investors have recently bought and sold shares of LEGN. Clearstead Advisors LLC raised its holdings in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after acquiring an additional 367 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Legend Biotech by 4.4% during the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock worth $298,000 after acquiring an additional 581 shares in the last quarter. OFI Invest Asset Management raised its holdings in shares of Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after acquiring an additional 662 shares in the last quarter. Finally, Fox Run Management L.L.C. raised its holdings in shares of Legend Biotech by 4.3% during the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock worth $452,000 after acquiring an additional 863 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

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.