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

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They presently have a $87.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 74.17% from the stock’s current price.

Several other equities analysts have also commented on LEGN. Scotiabank initiated coverage on Legend Biotech in a research report on Tuesday, December 19th. They set a “sector perform” rating and a $65.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research report on Thursday, March 7th. Raymond James assumed coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective on the stock. Cantor Fitzgerald assumed coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price for the company. Finally, UBS Group increased their target price on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Price Performance

NASDAQ LEGN traded down $1.76 during trading on Tuesday, reaching $49.95. The company’s stock had a trading volume of 1,608,441 shares, compared to its average volume of 971,577. The stock has a market capitalization of $9.09 billion, a PE ratio of -33.64 and a beta of 0.01. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. The firm has a fifty day moving average of $60.22 and a 200 day moving average of $61.27. Legend Biotech has a one year low of $48.98 and a one year high of $77.32.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm’s quarterly revenue was up 177.2% compared to the same quarter last year. Analysts expect that Legend Biotech will post -1.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Avior Wealth Management LLC lifted its stake in shares of Legend Biotech by 2.5% in the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock valued at $445,000 after purchasing an additional 182 shares during the period. Public Sector Pension Investment Board increased its position in Legend Biotech by 1.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 20,689 shares of the company’s stock valued at $1,390,000 after buying an additional 220 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in Legend Biotech by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock valued at $294,000 after buying an additional 253 shares in the last quarter. Teacher Retirement System of Texas increased its position in Legend Biotech by 2.6% during the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock valued at $796,000 after buying an additional 296 shares in the last quarter. Finally, OLD Mission Capital LLC increased its position in Legend Biotech by 6.1% during the 4th quarter. OLD Mission Capital LLC now owns 5,171 shares of the company’s stock valued at $311,000 after buying an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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).