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

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

Other research analysts have also issued research reports about the stock. Scotiabank boosted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a sector outperform rating in a research note on Monday, August 12th. Royal Bank of Canada reiterated an outperform rating and set a $86.00 price objective on shares of Legend Biotech in a report on Friday. TD Cowen dropped their target price on Legend Biotech from $71.00 to $67.00 and set a buy rating on the stock in a research note on Monday, July 15th. Piper Sandler reaffirmed an overweight rating and set a $90.00 target price on shares of Legend Biotech in a research report on Monday, June 17th. Finally, BMO Capital Markets reissued an outperform rating and issued a $90.00 price target on shares of Legend Biotech in a report on Wednesday, July 3rd. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $81.78.

Legend Biotech Trading Down 1.1 %

Shares of NASDAQ:LEGN opened at $48.73 on Monday. The company has a market capitalization of $8.88 billion, a PE ratio of -37.48 and a beta of 0.11. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. Legend Biotech has a 12-month low of $38.60 and a 12-month high of $70.78. The business’s fifty day simple moving average is $53.97 and its 200-day simple moving average is $50.35.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The firm’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.27) earnings per share. As a group, equities research analysts predict that Legend Biotech will post -1.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently bought and sold shares of the company. US Bancorp DE lifted its stake in Legend Biotech by 4.5% during the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after acquiring an additional 293 shares during the period. American International Group Inc. increased its stake in shares of Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares during the period. Public Sector Pension Investment Board raised its holdings in shares of Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after purchasing an additional 400 shares during the last quarter. Krane Funds Advisors LLC lifted its position in Legend Biotech by 2.3% during the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after purchasing an additional 451 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in Legend Biotech by 9.7% in the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after purchasing an additional 494 shares during the last quarter. Hedge funds and other institutional investors 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).