Legend Biotech (NASDAQ:LEGN) Given Buy Rating at HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They currently have a $87.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 78.17% from the company’s current price. HC Wainwright also issued estimates for Legend Biotech’s Q1 2024 earnings at ($0.01) EPS.

LEGN has been the subject of several other reports. Cantor Fitzgerald started coverage on Legend Biotech in a report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 target price for the company. UBS Group increased their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Barclays boosted their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Raymond James began coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $82.70.

Legend Biotech Trading Down 2.6 %

LEGN stock opened at $48.83 on Tuesday. Legend Biotech has a 12 month low of $48.03 and a 12 month high of $77.32. The firm’s 50-day moving average is $59.84 and its 200 day moving average is $61.06. The company has a market capitalization of $8.88 billion, a PE ratio of -32.99 and a beta of 0.01. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. Legend Biotech’s revenue for the quarter was up 177.2% on a year-over-year basis. On average, research analysts anticipate that Legend Biotech will post -1.42 EPS for the current year.

Institutional Trading of Legend Biotech

Several hedge funds and other institutional investors have recently made changes to their positions in LEGN. Adage Capital Partners GP L.L.C. grew its position in Legend Biotech by 101.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after purchasing an additional 860,410 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Legend Biotech by 71.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock valued at $112,050,000 after buying an additional 696,096 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Legend Biotech in the 3rd quarter valued at $974,000. Massachusetts Financial Services Co. MA raised its stake in Legend Biotech by 12.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,867,032 shares of the company’s stock worth $125,409,000 after acquiring an additional 212,327 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in Legend Biotech by 50.2% in the 4th quarter. SG Americas Securities LLC now owns 40,033 shares of the company’s stock worth $2,409,000 after acquiring an additional 13,381 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).