Legend Biotech (NASDAQ:LEGN) Receives “Buy” Rating from HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating restated by stock 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 target price would indicate a potential upside of 92.61% from the company’s current price.

A number of other equities research analysts have also recently commented on LEGN. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective on the stock. Raymond James started coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective on the stock. Barclays lifted their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Finally, Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective on the stock in a report on Wednesday, April 17th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $83.26.

Legend Biotech Stock Performance

LEGN stock opened at $45.17 on Tuesday. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of -30.52 and a beta of 0.01. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. The firm has a 50-day simple moving average of $58.56 and a two-hundred day simple moving average of $60.41. Legend Biotech has a one year low of $45.12 and a one year 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, topping 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 company had revenue of $76.50 million for the quarter, compared to the consensus estimate of $95.63 million. The company’s revenue for the quarter was up 177.2% on a year-over-year basis. On average, equities analysts forecast that Legend Biotech will post -1.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of LEGN. AE Wealth Management LLC lifted its holdings in Legend Biotech by 4.9% in the third quarter. AE Wealth Management LLC now owns 7,065 shares of the company’s stock valued at $475,000 after acquiring an additional 328 shares during the period. Avior Wealth Management LLC increased its position in shares of Legend Biotech by 50.5% in the third quarter. Avior Wealth Management LLC now owns 7,214 shares of the company’s stock valued at $485,000 after buying an additional 2,421 shares in the last quarter. Mach 1 Financial Group LLC increased its position in shares of Legend Biotech by 4.8% in the third quarter. Mach 1 Financial Group LLC now owns 7,022 shares of the company’s stock valued at $472,000 after buying an additional 320 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of Legend Biotech by 17.2% in the third quarter. Handelsbanken Fonder AB now owns 32,000 shares of the company’s stock valued at $2,149,000 after buying an additional 4,700 shares in the last quarter. Finally, BluePath Capital Management LLC purchased a new position in shares of Legend Biotech in the third quarter valued at $32,000. Institutional investors and hedge funds 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).