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

HC Wainwright restated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report released on Tuesday morning, Benzinga reports. The firm currently has a $87.00 target price on the stock.

Several other equities analysts also recently weighed in on the stock. Barclays raised their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an overweight rating and a $82.00 target price on the stock. Scotiabank raised shares of Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 price target on the stock in a research note on Wednesday, April 17th. Royal Bank of Canada reissued an outperform rating and issued a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. Finally, Raymond James began coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an outperform rating and a $86.00 price target on the stock. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Legend Biotech currently has an average rating of Moderate Buy and a consensus target price of $82.64.

Legend Biotech Stock Up 2.0 %

NASDAQ:LEGN opened at $45.30 on Tuesday. The firm has a market capitalization of $8.24 billion, a P/E ratio of -30.61 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 company’s fifty day moving average price is $58.06 and its 200-day moving average price is $60.14. Legend Biotech has a 1-year low of $44.06 and a 1-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 (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. As a group, equities research analysts anticipate that Legend Biotech will post -1.43 EPS for the current year.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently bought and sold shares of LEGN. Wellington Management Group LLP raised its position in Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Legend Biotech by 101.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after buying an additional 860,410 shares during the last quarter. Westfield Capital Management Co. LP raised its position in Legend Biotech by 71.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock worth $112,050,000 after buying an additional 696,096 shares during the last quarter. Altitude Crest Partners Inc. purchased a new position in Legend Biotech during the 4th quarter worth $32,601,000. Finally, First Turn Management LLC purchased a new position in Legend Biotech during the 4th quarter worth $28,646,000. 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).