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 report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $87.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the stock. Scotiabank began coverage on shares of Legend Biotech in a research note on Tuesday, December 19th. They issued a sector perform rating and a $65.00 price objective on the stock. Royal Bank of Canada reiterated an outperform rating and issued a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. Barclays increased their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Raymond James assumed coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They issued an outperform rating and a $86.00 target price for the company. Finally, Cantor Fitzgerald assumed coverage on shares of Legend Biotech in a report on Wednesday, April 3rd. They issued an overweight rating and a $82.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $82.70.

Legend Biotech Price Performance

LEGN opened at $50.12 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 stock has a market capitalization of $9.12 billion, a P/E ratio of -33.86 and a beta of 0.01. The company’s 50-day simple moving average is $60.03 and its two-hundred day simple moving average is $61.15. Legend Biotech has a 52-week low of $48.98 and a 52-week high of $77.32.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data 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 net margin of 181.75% and a negative return on equity of 37.19%. The firm had revenue of $76.50 million for the quarter, compared to analysts’ expectations of $95.63 million. The company’s revenue for the quarter was up 177.2% compared to the same quarter last year. As a group, analysts predict that Legend Biotech will post -1.42 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of LEGN. E Fund Management Hong Kong Co. Ltd. raised its position in shares of Legend Biotech by 197.1% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 26,523 shares of the company’s stock valued at $1,079,000 after buying an additional 17,596 shares during the last quarter. Bank of New York Mellon Corp increased its position in Legend Biotech by 19.2% in the first quarter. Bank of New York Mellon Corp now owns 37,900 shares of the company’s stock worth $1,377,000 after purchasing an additional 6,100 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in Legend Biotech in the first quarter worth $432,000. BlackRock Inc. increased its position in Legend Biotech by 26.6% in the first quarter. BlackRock Inc. now owns 3,046,229 shares of the company’s stock worth $110,701,000 after purchasing an additional 639,828 shares during the last quarter. Finally, APG Asset Management N.V. bought a new stake in Legend Biotech in the first quarter worth $353,000. Institutional investors own 70.89% of the company’s stock.

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).