Legend Biotech’s (LEGN) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $73.00 price target on the stock. HC Wainwright also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.32) EPS, FY2024 earnings at ($1.42) EPS, Q1 2025 earnings at ($0.30) EPS, Q2 2025 earnings at $0.24 EPS, Q3 2025 earnings at ($0.18) EPS, Q4 2025 earnings at $0.12 EPS and FY2025 earnings at ($0.12) EPS.

A number of other research firms have also recently commented on LEGN. Scotiabank raised their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Redburn Atlantic began coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech currently has a consensus rating of “Buy” and a consensus price target of $81.46.

Legend Biotech Stock Down 4.3 %

Shares of LEGN opened at $38.19 on Wednesday. Legend Biotech has a 12 month low of $38.02 and a 12 month high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27. The firm’s 50 day moving average is $46.01 and its 200-day moving average is $48.23. The stock has a market capitalization of $6.96 billion, a PE ratio of -40.20 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) earnings per share. Equities research analysts forecast that Legend Biotech will post -1.48 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in shares of Legend Biotech by 3.6% in the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after purchasing an additional 17,337 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Legend Biotech in the 3rd quarter worth about $229,000. Groupama Asset Managment increased its stake in Legend Biotech by 20.2% in the 3rd quarter. Groupama Asset Managment now owns 27,374 shares of the company’s stock valued at $1,329,000 after buying an additional 4,592 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Legend Biotech during the 3rd quarter worth approximately $458,000. Finally, XTX Topco Ltd purchased a new position in shares of Legend Biotech in the 3rd quarter worth approximately $1,840,000. 70.89% of the stock is currently owned by 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).