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

HC Wainwright reiterated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a $87.00 price target on the stock.

A number of other research firms also recently issued reports on LEGN. Cantor Fitzgerald assumed coverage on Legend Biotech in a report on Wednesday, April 3rd. They issued an overweight rating and a $82.00 price objective for the company. Raymond James assumed coverage on Legend Biotech in a report on Wednesday, March 13th. They issued an outperform rating and a $86.00 price objective for the company. Scotiabank raised Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 target price on the stock in a research note on Wednesday, April 17th. Royal Bank of Canada reissued an outperform rating and issued a $85.00 target price on shares of Legend Biotech in a research note on Thursday, March 7th. Finally, UBS Group increased their target price on Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a research note on Monday, March 18th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $82.64.

Legend Biotech Trading Down 1.7 %

Shares of Legend Biotech stock opened at $44.42 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 business has a 50 day moving average of $58.31 and a 200 day moving average of $60.30. Legend Biotech has a 52 week low of $44.06 and a 52 week high of $77.32.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 37.19% and a negative net margin of 181.75%. The business’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 Investors Weigh In On Legend Biotech

Institutional investors have recently modified their holdings of the business. BluePath Capital Management LLC purchased a new stake in shares of Legend Biotech during the third quarter valued at $32,000. Quarry LP bought a new position in Legend Biotech in the fourth quarter valued at about $45,000. PNC Financial Services Group Inc. lifted 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 valued at $91,000 after acquiring an additional 472 shares during the period. Barometer Capital Management Inc. bought a new position in Legend Biotech in the fourth quarter valued at about $120,000. Finally, China Universal Asset Management Co. Ltd. lifted 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 valued at $138,000 after acquiring an additional 1,199 shares during the period. 70.89% of the stock is owned by hedge funds and other 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).