Legend Biotech’s (LEGN) “Buy” Rating Reaffirmed at HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report issued on Tuesday,Benzinga reports. They currently have a $73.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 123.52% from the company’s previous close.

LEGN has been the topic of a number of other research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Redburn Atlantic started coverage on Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price on the stock. Piper Sandler reissued an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech presently has an average rating of “Buy” and a consensus target price of $80.62.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $32.66 on Tuesday. The stock’s 50-day moving average is $36.59 and its 200-day moving average is $45.91. The stock has a market cap of $5.96 billion, a P/E ratio of -34.38 and a beta of 0.16. Legend Biotech has a 1-year low of $30.17 and a 1-year high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. The firm had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue was up 66.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.17) EPS. Equities research analysts anticipate that Legend Biotech will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of large investors have recently modified their holdings of the company. FMR LLC lifted its stake in shares of Legend Biotech by 4.0% in the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after buying an additional 708,620 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Legend Biotech by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after purchasing an additional 314,449 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Legend Biotech in the 2nd quarter worth about $13,487,000. Westfield Capital Management Co. LP increased its stake in Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after buying an additional 266,296 shares during the last quarter. Finally, Franklin Resources Inc. bought a new position in shares of Legend Biotech during the 3rd quarter worth approximately $12,837,000. 70.89% of the stock is currently owned by institutional investors.

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).