HC Wainwright Has Lowered Expectations for Legend Biotech (NASDAQ:LEGN) Stock Price

Legend Biotech (NASDAQ:LEGN) had its price objective dropped by equities researchers at HC Wainwright from $60.00 to $50.00 in a research note issued on Thursday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 163.02% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Cantor Fitzgerald dropped their price objective on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $66.00 price target on shares of Legend Biotech in a research note on Tuesday. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research report on Tuesday. Oppenheimer began coverage on Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 target price for the company. Finally, Barclays cut their price target on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $58.50.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $19.01 on Thursday. Legend Biotech has a twelve month low of $18.99 and a twelve month high of $45.30. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The stock’s 50-day simple moving average is $23.93 and its 200 day simple moving average is $31.32. The firm has a market capitalization of $3.51 billion, a PE ratio of -29.25 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The firm had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. During the same quarter in the prior year, the business earned ($0.34) earnings per share. The business’s revenue for the quarter was up 70.0% compared to the same quarter last year. On average, analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC raised its holdings in Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after purchasing an additional 367 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the period. OFI Invest Asset Management raised its stake in Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after buying an additional 622 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in Legend Biotech by 913.0% in the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after buying an additional 1,890 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Legend Biotech in the second quarter valued at $78,000. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.