Legend Biotech (NASDAQ:LEGN) Given “Buy” Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report published on Wednesday, Benzinga reports. HC Wainwright currently has a $73.00 target price on the stock.

A number of other analysts have also weighed in on the stock. Truist Financial began coverage on shares of Legend Biotech in a research report on Monday, June 17th. They issued a buy rating and a $88.00 price objective on the stock. Raymond James started coverage on Legend Biotech in a research report on Wednesday, March 13th. They issued an outperform rating and a $86.00 price objective on the stock. Deutsche Bank Aktiengesellschaft started coverage on Legend Biotech in a research report on Thursday, May 23rd. They set a buy rating and a $60.00 target price for the company. Piper Sandler reaffirmed an overweight rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Monday, June 17th. Finally, Cantor Fitzgerald began coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They issued an overweight rating and a $82.00 price objective for the company. Fourteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech currently has an average rating of Buy and a consensus price target of $82.31.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $45.91 on Wednesday. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -35.32 and a beta of 0.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.66 and a quick ratio of 5.57. The business has a 50 day simple moving average of $43.73 and a 200-day simple moving average of $53.43. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $77.32.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.13. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The company had revenue of $93.90 million during the quarter, compared to analyst estimates of $143.24 million. During the same period in the previous year, the firm earned ($0.40) earnings per share. Legend Biotech’s quarterly revenue was up 158.7% compared to the same quarter last year. Equities analysts forecast that Legend Biotech will post -1.93 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. RA Capital Management L.P. boosted its holdings in Legend Biotech by 9.5% in the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after acquiring an additional 596,390 shares in the last quarter. California State Teachers Retirement System boosted its stake in Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after purchasing an additional 2,216 shares in the last quarter. Janus Henderson Group PLC grew its position in Legend Biotech by 8.0% during the 1st quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock worth $112,982,000 after purchasing an additional 148,855 shares during the last quarter. Bellevue Group AG increased its stake in Legend Biotech by 45.4% during the 1st quarter. Bellevue Group AG now owns 293,270 shares of the company’s stock valued at $16,450,000 after purchasing an additional 91,516 shares in the last quarter. Finally, Bamco Inc. NY lifted its stake in shares of Legend Biotech by 54.2% during the first quarter. Bamco Inc. NY now owns 276,827 shares of the company’s stock worth $15,527,000 after buying an additional 97,259 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

About Legend Biotech

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).