Legend Biotech (NASDAQ:LEGN) Given Buy Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note released on Monday morning, Benzinga reports. The brokerage currently has a $73.00 price objective on the stock. HC Wainwright also issued estimates for Legend Biotech’s Q3 2024 earnings at ($0.22) EPS, Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($0.61) EPS, Q1 2025 earnings at ($0.14) EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at ($0.05) EPS, Q4 2025 earnings at $0.10 EPS and FY2025 earnings at $0.05 EPS.

Several other equities research analysts have also weighed in on the company. Royal Bank of Canada reaffirmed an outperform rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Friday, September 27th. Piper Sandler reissued an overweight rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Monday, June 17th. TD Cowen decreased their price target on Legend Biotech from $71.00 to $67.00 and set a buy rating for the company in a research note on Monday, July 15th. BMO Capital Markets reissued an outperform rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Wednesday, July 3rd. Finally, Truist Financial began coverage on Legend Biotech in a research note on Monday, June 17th. They issued a buy rating and a $88.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech has an average rating of Buy and a consensus target price of $81.78.

Legend Biotech Stock Performance

LEGN stock opened at $48.68 on Monday. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. The firm has a market cap of $8.87 billion, a P/E ratio of -37.45 and a beta of 0.11. Legend Biotech has a 12-month low of $38.60 and a 12-month high of $70.78. The stock’s 50 day simple moving average is $53.50 and its 200 day simple moving average is $50.23.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same period in the prior year, the company posted ($0.27) EPS. The business’s revenue was up 154.4% compared to the same quarter last year. As a group, equities research analysts predict that Legend Biotech will post -1.46 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in shares of Legend Biotech by 10,075.0% in the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after purchasing an additional 806 shares during the period. Quarry LP purchased a new stake in Legend Biotech in the 4th quarter worth about $45,000. American International Group Inc. lifted its stake in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares in the last quarter. AM Squared Ltd purchased a new stake in Legend Biotech in the 2nd quarter worth about $71,000. Finally, Barometer Capital Management Inc. purchased a new stake in Legend Biotech in the 4th quarter worth about $120,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).