Legend Biotech (NASDAQ:LEGN) Stock Price Expected to Rise, HC Wainwright Analyst Says

Legend Biotech (NASDAQ:LEGN) had its price target boosted by HC Wainwright from $73.00 to $75.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 97.11% from the company’s current price.

LEGN has been the topic of a number of other reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average price target of $79.09.

Legend Biotech Stock Down 0.5 %

LEGN opened at $38.05 on Wednesday. The stock has a market cap of $6.95 billion, a PE ratio of -40.05 and a beta of 0.19. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech has a 52 week low of $30.17 and a 52 week high of $69.17. The business’s fifty day simple moving average is $35.65 and its 200 day simple moving average is $41.10.

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

Institutional Trading of Legend Biotech

A number of institutional investors have recently modified their holdings of the company. Suvretta Capital Management LLC purchased a new stake in Legend Biotech in the fourth quarter worth about $113,767,000. Deerfield Management Company L.P. Series C purchased a new stake in Legend Biotech in the fourth quarter worth about $50,493,000. Braidwell LP lifted its holdings in Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after buying an additional 1,436,400 shares during the period. Invesco Ltd. lifted its holdings in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock worth $107,706,000 after buying an additional 1,022,365 shares during the period. Finally, Artisan Partners Limited Partnership lifted its holdings in Legend Biotech by 155.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock worth $48,991,000 after buying an additional 915,891 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).