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

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a note issued to investors on Thursday, Benzinga reports. They presently have a $87.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 91.12% from the stock’s previous close.

A number of other research firms have also weighed in on LEGN. Cantor Fitzgerald initiated coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Legend Biotech in a report on Thursday, March 7th. UBS Group boosted their price objective on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Barclays upped their price objective on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Finally, Raymond James started coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $82.64.

Legend Biotech Stock Down 0.4 %

NASDAQ LEGN traded down $0.20 during mid-day trading on Thursday, hitting $45.52. The company’s stock had a trading volume of 528,848 shares, compared to its average volume of 999,245. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of -30.86 and a beta of 0.12. The company’s 50 day simple moving average is $55.07 and its 200 day simple moving average is $58.87. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. Legend Biotech has a twelve month low of $42.08 and a twelve month high of $77.32.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. The company’s revenue for the quarter was up 177.2% compared to the same quarter last year. Analysts anticipate that Legend Biotech will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in LEGN. Wellington Management Group LLP increased its position in Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in Legend Biotech by 101.5% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after buying an additional 860,410 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in Legend Biotech by 71.6% in the third quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock worth $112,050,000 after buying an additional 696,096 shares during the period. Altitude Crest Partners Inc. bought a new stake in Legend Biotech during the 4th quarter valued at approximately $32,601,000. Finally, First Turn Management LLC purchased a new position in shares of Legend Biotech during the 4th quarter worth approximately $28,646,000. 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).