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

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $75.00 price objective on the stock. HC Wainwright's price target indicates a potential upside of 129.92% from the company's previous close. HC Wainwright also issued estimates for Legend Biotech's Q1 2025 earnings at ($0.17) EPS and Q4 2025 earnings at $0.10 EPS.

A number of other brokerages also recently issued reports on LEGN. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Piper Sandler reiterated an "overweight" rating and set a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Finally, Morgan Stanley reduced their price objective on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Legend Biotech currently has an average rating of "Moderate Buy" and a consensus price target of $79.00.

Legend Biotech Stock Down 0.5 %

Legend Biotech stock traded down $0.18 during mid-day trading on Wednesday, reaching $32.62. The stock had a trading volume of 277,918 shares, compared to its average volume of 1,235,923. The firm has a market capitalization of $5.99 billion, a PE ratio of -34.34 and a beta of 0.21. The stock's 50-day simple moving average is $35.03 and its 200-day simple moving average is $37.64. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech has a fifty-two week low of $29.27 and a fifty-two week high of $60.87.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. During the same quarter last year, the company earned ($0.40) earnings per share. The company's revenue for the quarter was up 134.6% on a year-over-year basis. On average, sell-side analysts forecast that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LEGN. Suvretta Capital Management LLC bought a new stake in Legend Biotech during the fourth quarter valued at $113,767,000. Invesco Ltd. grew its holdings in shares of Legend Biotech by 44.7% during the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after purchasing an additional 1,022,365 shares in the last quarter. Braidwell LP raised its stake in Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Wellington Management Group LLP lifted its position in Legend Biotech by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock valued at $69,010,000 after purchasing an additional 84,405 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new position in Legend Biotech in the 4th quarter worth approximately $50,493,000. 70.89% of the stock is currently owned by hedge funds and other 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).