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 note released on Tuesday morning,Benzinga reports. HC Wainwright currently has a $73.00 price target on the stock.

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

Legend Biotech Price Performance

LEGN stock opened at $37.69 on Tuesday. Legend Biotech has a 1 year low of $30.17 and a 1 year high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $36.44 and a two-hundred day moving average price of $45.77. The stock has a market cap of $6.88 billion, a PE ratio of -39.67 and a beta of 0.16.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same period in the previous year, the company posted ($0.17) EPS. The firm’s revenue for the quarter was up 66.9% compared to the same quarter last year. Equities analysts forecast that Legend Biotech will post -1.24 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Large investors have recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in Legend Biotech during the third quarter worth $148,000. Blue Trust Inc. raised its holdings in shares of Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after buying an additional 5,478 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Legend Biotech during the 3rd quarter worth $212,000. Public Employees Retirement System of Ohio acquired a new stake in Legend Biotech in the third quarter valued at about $229,000. Finally, Vanguard Personalized Indexing Management LLC grew its position 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 acquiring an additional 1,571 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).