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

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 target price on the stock.

Several other equities research analysts also recently commented on the stock. Scotiabank upgraded shares of Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 price target for the company in a research report on Wednesday, April 17th. Royal Bank of Canada reiterated an outperform rating and issued a $85.00 target price on shares of Legend Biotech in a research report on Thursday, March 7th. Raymond James assumed coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an outperform rating and a $86.00 price target on the stock. Barclays increased their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Finally, UBS Group increased their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $82.64.

Legend Biotech Stock Up 2.0 %

Shares of NASDAQ:LEGN opened at $45.30 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. The company has a market cap of $8.24 billion, a PE ratio of -30.61 and a beta of 0.01. Legend Biotech has a 52 week low of $44.06 and a 52 week high of $77.32. The firm has a 50 day simple moving average of $58.06 and a 200 day simple moving average of $60.14.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.30. The business had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. As a group, research analysts expect 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. AE Wealth Management LLC grew its holdings in Legend Biotech by 4.9% during the third quarter. AE Wealth Management LLC now owns 7,065 shares of the company’s stock valued at $475,000 after purchasing an additional 328 shares during the period. Avior Wealth Management LLC grew its stake in Legend Biotech by 50.5% during the third quarter. Avior Wealth Management LLC now owns 7,214 shares of the company’s stock worth $485,000 after buying an additional 2,421 shares in the last quarter. Mach 1 Financial Group LLC lifted its holdings in shares of Legend Biotech by 4.8% in the third quarter. Mach 1 Financial Group LLC now owns 7,022 shares of the company’s stock worth $472,000 after acquiring an additional 320 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Legend Biotech by 17.2% in the third quarter. Handelsbanken Fonder AB now owns 32,000 shares of the company’s stock worth $2,149,000 after acquiring an additional 4,700 shares during the last quarter. Finally, BluePath Capital Management LLC bought a new position in Legend Biotech in the 3rd quarter valued at approximately $32,000. 70.89% of the stock is owned by institutional investors.

Legend Biotech Company Profile

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).