Legend Biotech (NASDAQ:LEGN) Earns Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report published on Tuesday, Benzinga reports. HC Wainwright currently has a $87.00 price objective on the stock. HC Wainwright also issued estimates for Legend Biotech’s Q1 2024 earnings at ($0.01) EPS and Q3 2024 earnings at ($0.18) EPS.

LEGN has been the subject of a number of other research reports. Cantor Fitzgerald assumed coverage on shares of Legend Biotech in a report on Wednesday, April 3rd. They set an overweight rating and a $82.00 target price for the company. Scotiabank assumed coverage on shares of Legend Biotech in a report on Tuesday, December 19th. They set a sector perform rating and a $65.00 target price for the company. Barclays lifted their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Royal Bank of Canada reissued an outperform rating and issued a $85.00 price target on shares of Legend Biotech in a report on Thursday, March 7th. Finally, Raymond James initiated coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They issued an outperform rating and a $86.00 price objective for the company. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $82.70.

Legend Biotech Trading Down 3.5 %

Shares of Legend Biotech stock opened at $47.12 on Tuesday. 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 50 day simple moving average of $59.61 and a 200 day simple moving average of $60.96. Legend Biotech has a fifty-two week low of $47.08 and a fifty-two week high of $77.32.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $95.63 million. The company’s quarterly revenue was up 177.2% on a year-over-year basis. On average, analysts anticipate that Legend Biotech will post -1.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in Legend Biotech by 11.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company’s stock worth $650,332,000 after purchasing an additional 1,114,848 shares during the period. BlackRock Inc. boosted its stake in Legend Biotech by 14.9% in the 2nd quarter. BlackRock Inc. now owns 4,743,594 shares of the company’s stock worth $327,450,000 after purchasing an additional 615,641 shares during the period. Capital International Investors boosted its stake in Legend Biotech by 0.4% in the 1st quarter. Capital International Investors now owns 2,810,737 shares of the company’s stock worth $102,142,000 after purchasing an additional 11,755 shares during the period. Wellington Management Group LLP boosted its stake in Legend Biotech by 14.6% in the 1st quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company’s stock worth $94,841,000 after purchasing an additional 332,773 shares during the period. Finally, Capital World Investors boosted its stake in shares of Legend Biotech by 85.5% during the 1st quarter. Capital World Investors now owns 2,214,024 shares of the company’s stock worth $80,458,000 after buying an additional 1,020,545 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

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).