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

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued on Tuesday,Benzinga reports. They presently have a $73.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 94.98% from the stock’s current price.

A number of other brokerages have also recently commented on LEGN. Redburn Atlantic began coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reiterated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $80.62.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $37.44 on Tuesday. The firm has a market capitalization of $6.84 billion, a price-to-earnings ratio of -39.41 and a beta of 0.16. Legend Biotech has a one year low of $30.17 and a one year high of $70.13. The business has a fifty day simple moving average of $36.48 and a 200 day simple moving average of $45.83. 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 data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter in the prior year, the company posted ($0.17) EPS. The business’s revenue was up 66.9% on a year-over-year basis. Sell-side analysts expect that Legend Biotech will post -1.24 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quantbot Technologies LP acquired a new stake in Legend Biotech during the 3rd quarter worth $148,000. Blue Trust Inc. boosted its position in shares of Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after purchasing an additional 5,478 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Legend Biotech during the third quarter worth $212,000. Public Employees Retirement System of Ohio bought a new stake in Legend Biotech in the third quarter valued at about $229,000. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in Legend Biotech by 31.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock valued at $290,000 after buying an additional 1,571 shares during the period. 70.89% of the stock is owned by 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).