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

HC Wainwright reaffirmed their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report sent to investors on Tuesday morning,Benzinga reports. HC Wainwright currently has a $73.00 target price on the stock.

A number of other research firms have also commented on LEGN. Scotiabank boosted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research note on Monday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $81.54.

Legend Biotech Stock Performance

Shares of LEGN opened at $35.49 on Tuesday. The company has a market capitalization of $6.51 billion, a PE ratio of -37.36 and a beta of 0.08. Legend Biotech has a one year low of $35.16 and a one year high of $70.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company’s fifty day moving average price is $42.96 and its 200 day moving average price is $47.76.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.22. The company had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business’s quarterly revenue was up 66.9% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. As a group, analysts expect that Legend Biotech will post -1.23 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently modified their holdings of the stock. Blue Trust Inc. increased its position in Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after buying an additional 806 shares during the period. AM Squared Ltd acquired a new stake in shares of Legend Biotech during the second quarter valued at about $71,000. Quantbot Technologies LP acquired a new position in shares of Legend Biotech in the third quarter worth approximately $148,000. California State Teachers Retirement System lifted its stake in shares of Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after acquiring an additional 2,216 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Legend Biotech in the third quarter worth approximately $212,000. 70.89% of the stock is 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).