Legend Biotech’s (LEGN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Tuesday,Benzinga reports. The firm currently has a $73.00 price objective on the stock.

LEGN has been the topic of a number of other research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Monday. Redburn Atlantic assumed coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective on the stock. Scotiabank increased their price objective on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $81.54.

Legend Biotech Stock Down 1.0 %

LEGN stock opened at $35.49 on Tuesday. The stock’s fifty day simple moving average is $42.96 and its two-hundred day simple moving average is $47.76. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech has a 1-year low of $35.16 and a 1-year high of $70.13. The stock has a market cap of $6.51 billion, a P/E ratio of -37.36 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year. Analysts expect that Legend Biotech will post -1.23 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of Legend Biotech by 4.0% during the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after purchasing an additional 708,620 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after purchasing an additional 314,449 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Legend Biotech in the 2nd quarter valued at approximately $13,487,000. Westfield Capital Management Co. LP lifted its stake in shares of Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after purchasing an additional 266,296 shares during the period. Finally, Franklin Resources Inc. bought a new position in Legend Biotech during the 3rd quarter valued at approximately $12,837,000. 70.89% of the stock is currently owned by institutional investors.

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).