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 report published on Tuesday morning,Benzinga reports. They currently have a $73.00 target price on the stock.

Several other equities analysts have also recently issued reports on LEGN. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler restated an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Redburn Atlantic began coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $80.62.

Legend Biotech Stock Up 0.7 %

Shares of LEGN opened at $37.69 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech has a 52 week low of $30.17 and a 52 week high of $70.13. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of -39.67 and a beta of 0.16. The stock has a fifty day moving average of $36.44 and a 200-day moving average of $45.77.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the company earned ($0.17) earnings per share. The business’s quarterly revenue was up 66.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Legend Biotech will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC lifted its position in shares of Legend Biotech by 31.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock worth $290,000 after purchasing an additional 1,571 shares during the period. Hsbc Holdings PLC boosted its holdings in Legend Biotech by 9.9% in the second quarter. Hsbc Holdings PLC now owns 232,560 shares of the company’s stock worth $10,296,000 after purchasing an additional 20,910 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Legend Biotech by 11.8% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 12,300 shares of the company’s stock worth $545,000 after acquiring an additional 1,300 shares during the period. Sei Investments Co. increased its position in shares of Legend Biotech by 1.5% during the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock valued at $2,059,000 after purchasing an additional 702 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in shares of Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after purchasing an additional 400 shares during the period. 70.89% of the stock is owned by hedge funds and other 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).