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

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $87.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 84.87% from the stock’s previous close.

A number of other research analysts also recently weighed in on LEGN. Raymond James began coverage on Legend Biotech in a report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price target on the stock. Barclays lifted their price objective on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research report on Thursday, March 7th. UBS Group lifted their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Cantor Fitzgerald began coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective for the company. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $83.26.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $47.06 on Tuesday. Legend Biotech has a 1-year low of $45.52 and a 1-year high of $77.32. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of -31.80 and a beta of 0.01. The stock’s fifty day simple moving average is $59.04 and its 200-day simple moving average is $60.65.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $76.50 million for the quarter, compared to the consensus estimate of $95.63 million. The company’s quarterly revenue was up 177.2% compared to the same quarter last year. On average, sell-side analysts predict that Legend Biotech will post -1.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in shares of Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after acquiring an additional 962,381 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Legend Biotech by 101.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after acquiring an additional 860,410 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of Legend Biotech by 71.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock worth $112,050,000 after acquiring an additional 696,096 shares in the last quarter. Altitude Crest Partners Inc. acquired a new position in shares of Legend Biotech in the 4th quarter worth approximately $32,601,000. Finally, First Turn Management LLC acquired a new position in Legend Biotech during the 4th quarter worth $28,646,000. Institutional investors and hedge funds 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).