Legend Biotech (NASDAQ:LEGN) Rating Reiterated by HC Wainwright

HC Wainwright restated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report sent to investors on Tuesday, Benzinga reports. HC Wainwright currently has a $87.00 price objective 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.

LEGN has been the subject of several other reports. Royal Bank of Canada reaffirmed an outperform rating and issued a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. Barclays lifted their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the company an overweight rating in a research note on Wednesday, January 24th. Raymond James assumed coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an outperform rating and a $86.00 price target for the company. UBS Group lifted their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the company a buy rating in a research note on Monday, March 18th. Finally, 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 target price for the company. 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, the company has a consensus rating of Moderate Buy and an average target price of $82.70.

Legend Biotech Trading Down 3.5 %

Shares of NASDAQ LEGN opened at $47.12 on Tuesday. Legend Biotech has a twelve month low of $47.08 and a twelve month high of $77.32. The firm has a fifty day simple moving average of $59.61 and a 200 day simple moving average of $60.96. 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 posted its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate 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 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, equities research analysts predict that Legend Biotech will post -1.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BluePath Capital Management LLC purchased a new position in Legend Biotech during the third quarter worth about $32,000. Coppell Advisory Solutions LLC purchased a new position in Legend Biotech during the second quarter worth about $41,000. American International Group Inc. purchased a new position in Legend Biotech during the second quarter worth about $33,000. Lazard Asset Management LLC purchased a new position in Legend Biotech during the fourth quarter worth about $33,000. Finally, Quarry LP purchased a new position in Legend Biotech during the fourth quarter worth about $45,000. 70.89% of the stock is currently owned by hedge funds and other 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).