Legend Biotech (NASDAQ:LEGN) Stock Rating Reaffirmed by HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Tuesday, Benzinga reports. They presently have a $87.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 78.17% from the company’s previous close. HC Wainwright also issued estimates for Legend Biotech’s Q1 2024 earnings at ($0.01) EPS.

LEGN has been the topic of several other reports. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price target on the stock. Barclays boosted their price target on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Scotiabank assumed coverage on Legend Biotech in a report on Tuesday, December 19th. They set a “sector perform” rating and a $65.00 price objective on the stock. UBS Group lifted their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Raymond James initiated coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 target price on the stock. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Stock Down 2.6 %

Shares of NASDAQ LEGN opened at $48.83 on Tuesday. The firm’s 50-day moving average is $59.84 and its two-hundred day moving average is $61.06. The company has a market capitalization of $8.88 billion, a PE ratio of -32.99 and a beta of 0.01. Legend Biotech has a 12-month low of $48.03 and a 12-month high of $77.32. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm had revenue of $76.50 million for the quarter, compared to analysts’ expectations of $95.63 million. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. Equities analysts anticipate that Legend Biotech will post -1.42 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Legend Biotech by 12.0% in the fourth quarter. Vanguard Group Inc. now owns 128,621 shares of the company’s stock valued at $7,739,000 after buying an additional 13,821 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after acquiring an additional 962,381 shares during the period. Krane Funds Advisors LLC grew its position in Legend Biotech by 2.3% in the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after acquiring an additional 451 shares in the last quarter. Quarry LP purchased a new stake in shares of Legend Biotech during the fourth quarter valued at approximately $45,000. Finally, Torno Capital LLC purchased a new position in shares of Legend Biotech in the fourth quarter valued at $60,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).