Legend Biotech’s (LEGN) Buy Rating Reiterated at HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $65.00 price target on the stock. HC Wainwright’s price objective would suggest a potential upside of 237.31% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. started coverage on Legend Biotech in a research note on Monday, July 13th. They set a “neutral” rating and a $35.00 target price for the company. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 10th. Morgan Stanley reduced their price target on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. UBS Group restated a “neutral” rating and issued a $28.00 price objective (down from $49.00) on shares of Legend Biotech in a research note on Monday. Finally, Royal Bank Of Canada dropped their price objective on Legend Biotech from $63.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $55.29.

Legend Biotech Trading Down 13.3%

Shares of LEGN opened at $19.27 on Tuesday. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $43.71. The firm’s fifty day simple moving average is $28.72 and its 200-day simple moving average is $23.39. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of -28.34 and a beta of 0.34.

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

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the transaction, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC boosted its stake in 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 purchasing an additional 662 shares during the period. Raymond James Financial Inc. acquired a new position in Legend Biotech in the second quarter valued at $78,000. Harvest Fund Management Co. Ltd acquired a new position in Legend Biotech in the third quarter valued at $104,000. Clearstead Advisors LLC raised its holdings in shares of Legend Biotech by 310.7% in the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after buying an additional 2,632 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Legend Biotech by 1,730.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after buying an additional 3,374 shares during the last quarter. Hedge funds and other institutional investors 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.