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

HC Wainwright reiterated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report report published on Tuesday,Benzinga reports. They currently have a $73.00 price target on the stock.

LEGN has been the subject of several other research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Redburn Atlantic assumed coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Finally, Piper Sandler restated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $80.62.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $34.67 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm has a market capitalization of $6.33 billion, a price-to-earnings ratio of -36.49 and a beta of 0.16. The company’s 50-day moving average is $36.59 and its two-hundred day moving average is $45.91. Legend Biotech has a 1-year low of $30.17 and a 1-year high of $70.13.

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

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently made changes to their positions in LEGN. FMR LLC grew its position in shares of Legend Biotech by 4.0% during the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after buying an additional 708,620 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Legend Biotech by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after buying an additional 314,449 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Legend Biotech during the second quarter worth about $13,487,000. Westfield Capital Management Co. LP grew its position in shares of Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new position in shares of Legend Biotech during the third quarter worth about $12,837,000. 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).