HC Wainwright Reaffirms Buy Rating for Legend Biotech (NASDAQ:LEGN)

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

LEGN has been the topic of a number of other reports. TD Cowen reduced their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Redburn Atlantic initiated coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Scotiabank upped their price objective on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. BMO Capital Markets reissued an “outperform” rating and issued a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Friday, September 27th. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $82.08.

Legend Biotech Stock Down 2.0 %

NASDAQ LEGN opened at $44.02 on Wednesday. The stock has a market capitalization of $8.02 billion, a P/E ratio of -33.86 and a beta of 0.10. Legend Biotech has a 52 week low of $38.60 and a 52 week high of $70.78. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The stock has a fifty day moving average of $51.97 and a 200-day moving average of $49.50.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $125.25 million. During the same period last year, the company earned ($0.27) earnings per share. The company’s revenue was up 154.4% on a year-over-year basis. On average, equities research analysts forecast that Legend Biotech will post -1.51 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LEGN. Wellington Management Group LLP raised its holdings in shares of Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after acquiring an additional 962,381 shares during the period. RA Capital Management L.P. raised its stake in shares of Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares during the period. Westfield Capital Management Co. LP raised its stake in shares of Legend Biotech by 26.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after purchasing an additional 463,527 shares during the period. Capital International Investors lifted its holdings in shares of Legend Biotech by 19.5% in the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after purchasing an additional 356,387 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Legend Biotech during the second quarter worth about $13,487,000. Institutional investors and hedge funds 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).