HC Wainwright Reiterates Buy Rating for Legend Biotech (NASDAQ:LEGN)

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research report issued on Thursday, Benzinga reports. They currently have a $73.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 32.73% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Legend Biotech in a report on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft started coverage on Legend Biotech in a research report on Thursday, May 23rd. They set a “buy” rating and a $60.00 price objective for the company. TD Cowen reduced their target price on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Monday. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price target on the stock in a research report on Wednesday, April 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Friday, June 21st. Fifteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $81.22.

Legend Biotech Price Performance

Shares of LEGN stock opened at $55.00 on Thursday. The business has a fifty day simple moving average of $44.74 and a 200 day simple moving average of $52.73. The company has a market cap of $10.03 billion, a P/E ratio of -42.31 and a beta of 0.11. The company has a quick ratio of 5.57, a current ratio of 5.66 and a debt-to-equity ratio of 0.25. Legend Biotech has a twelve month low of $38.60 and a twelve month high of $77.32.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. The firm had revenue of $93.90 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business posted ($0.40) earnings per share. On average, sell-side analysts forecast that Legend Biotech will post -1.94 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of LEGN. Quarry LP purchased a new stake in Legend Biotech in the 4th quarter valued at about $45,000. American International Group Inc. lifted its holdings in Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares during the period. Barometer Capital Management Inc. purchased a new position in Legend Biotech in the fourth quarter worth $120,000. California State Teachers Retirement System grew its stake in Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after purchasing an additional 2,216 shares during the period. Finally, BNP Paribas purchased a new stake in shares of Legend Biotech during the 1st quarter valued at $199,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

About Legend Biotech

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).