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

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "buy" rating restated by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $75.00 target price on the stock. HC Wainwright's price target points to a potential upside of 134.38% from the stock's current price.

Several other equities research analysts have also recently issued reports on LEGN. Royal Bank of Canada restated an "outperform" rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Morgan Stanley reduced their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Legend Biotech presently has an average rating of "Moderate Buy" and an average target price of $79.00.

Remove Ads

Legend Biotech Price Performance

Shares of Legend Biotech stock traded up $0.72 during trading hours on Tuesday, reaching $32.00. 1,638,571 shares of the company's stock were exchanged, compared to its average volume of 1,219,859. The business has a fifty day moving average of $35.32 and a two-hundred day moving average of $38.24. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $5.88 billion, a P/E ratio of -33.68 and a beta of 0.21. Legend Biotech has a 1 year low of $29.27 and a 1 year high of $60.87.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. During the same quarter in the prior year, the firm earned ($0.40) EPS. Legend Biotech's quarterly revenue was up 134.6% on a year-over-year basis. As a group, research analysts predict that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp grew its holdings in shares of Legend Biotech by 0.4% in the third quarter. State Street Corp now owns 1,140,222 shares of the company's stock valued at $55,563,000 after purchasing an additional 4,735 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Legend Biotech in the third quarter worth $458,000. Groupama Asset Managment increased its position in shares of Legend Biotech by 20.2% during the third quarter. Groupama Asset Managment now owns 27,374 shares of the company's stock worth $1,329,000 after acquiring an additional 4,592 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Legend Biotech in the third quarter valued at $229,000. Finally, Geode Capital Management LLC boosted its holdings in Legend Biotech by 3.6% in the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock valued at $23,933,000 after purchasing an additional 17,337 shares during the period. 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).