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

HC Wainwright restated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Tuesday morning, Benzinga reports. They currently have a $87.00 target price 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.

A number of other research analysts have also recently issued reports on the company. Cantor Fitzgerald began coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an overweight rating and a $82.00 price objective for the company. Scotiabank began coverage on Legend Biotech in a report on Tuesday, December 19th. They set a sector perform rating and a $65.00 price objective for the company. UBS Group lifted their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a buy rating in a report on Monday, March 18th. Raymond James began coverage on Legend Biotech in a report on Wednesday, March 13th. They set an outperform rating and a $86.00 price objective for the company. Finally, Barclays lifted their price objective on Legend Biotech from $93.00 to $94.00 and gave the company an overweight rating in a report on Wednesday, January 24th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $83.26.

Legend Biotech Stock Down 2.0 %

LEGN opened at $46.19 on Tuesday. Legend Biotech has a fifty-two week low of $45.68 and a fifty-two week high of $77.32. 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’s fifty day moving average price is $59.31 and its two-hundred day moving average price is $60.83. The company has a market capitalization of $8.40 billion, a P/E ratio of -31.21 and a beta of 0.01.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping 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 firm had revenue of $76.50 million for the quarter, compared to the consensus estimate of $95.63 million. The business’s quarterly revenue was up 177.2% compared to the same quarter last year. On average, analysts anticipate that Legend Biotech will post -1.43 EPS for the current year.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in Legend Biotech by 11.5% during 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 last quarter. BlackRock Inc. raised its holdings in Legend Biotech by 14.9% during 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 last quarter. Capital International Investors raised its holdings in Legend Biotech by 0.4% during 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 last quarter. Wellington Management Group LLP raised its holdings in Legend Biotech by 14.6% during 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 last quarter. Finally, Capital World Investors raised its holdings in 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 purchasing an additional 1,020,545 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

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).