Legend Biotech (NASDAQ:LEGN) Receives “Buy” Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report published on Tuesday, Benzinga reports. HC Wainwright currently has a $87.00 price target on the stock.

LEGN has been the subject of several other reports. UBS Group lifted their target price on Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a research report on Monday, March 18th. Raymond James initiated coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an outperform rating and a $86.00 target price for the company. Royal Bank of Canada restated an outperform rating and set a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. Scotiabank upgraded Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 price target on the stock in a research note on Wednesday, April 17th. Finally, Cantor Fitzgerald initiated coverage on Legend Biotech in a research note on Wednesday, April 3rd. They set an overweight rating and a $82.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Legend Biotech currently has an average rating of Moderate Buy and an average price target of $83.26.

Legend Biotech Stock Up 0.8 %

Shares of LEGN opened at $47.45 on Tuesday. The company has a market cap of $8.63 billion, a PE ratio of -32.06 and a beta of 0.01. The business has a fifty day moving average of $58.82 and a 200 day moving average of $60.51. Legend Biotech has a 52-week low of $45.52 and a 52-week high of $77.32. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate 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 firm’s revenue for the quarter was up 177.2% on a year-over-year basis. On average, sell-side analysts expect that Legend Biotech will post -1.43 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BluePath Capital Management LLC purchased a new position in Legend Biotech in the third quarter valued at about $32,000. Quarry LP purchased a new position in Legend Biotech in the fourth quarter valued at about $45,000. PNC Financial Services Group Inc. boosted its holdings in Legend Biotech by 53.9% in the third quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock worth $91,000 after acquiring an additional 472 shares in the last quarter. Barometer Capital Management Inc. acquired a new stake in Legend Biotech in the fourth quarter worth about $120,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in Legend Biotech by 141.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,048 shares of the company’s stock worth $138,000 after acquiring an additional 1,199 shares in 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).