Legend Biotech (NASDAQ:LEGN) Price Target Raised to $65.00 at HC Wainwright

Legend Biotech (NASDAQ:LEGN) had its target price hoisted by analysts at HC Wainwright from $50.00 to $65.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 79.16% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. UBS Group reissued a “buy” rating and issued a $50.00 target price on shares of Legend Biotech in a research report on Monday. Barclays dropped their price objective on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Royal Bank Of Canada increased their target price on shares of Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Raymond James Financial reaffirmed an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Finally, Rothschild & Co Redburn cut Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a research note on Thursday, February 12th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.31.

Legend Biotech Trading Up 42.2%

Legend Biotech stock opened at $36.28 on Wednesday. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of -53.35 and a beta of 0.35. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $45.30. The stock’s 50 day moving average is $23.30 and its 200-day moving average is $22.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. During the same period in the previous year, the business posted ($0.07) earnings per share. The business’s revenue for the quarter was up 56.5% on a year-over-year basis. As a group, equities research analysts predict that Legend Biotech will post 0.2 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the transaction, the chief executive officer directly owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently modified their holdings of the business. Clearstead Advisors LLC lifted its holdings in shares of Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after acquiring an additional 367 shares during the last quarter. Parallel Advisors LLC grew 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 valued at $34,000 after purchasing an additional 662 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after purchasing an additional 3,374 shares in the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech in the 2nd quarter valued at approximately $78,000. Finally, IFM Investors Pty Ltd bought a new position in Legend Biotech in the 1st quarter valued at approximately $81,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.