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

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $87.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 92.61% from the company’s previous close.

Several other analysts also recently commented on the stock. Cantor Fitzgerald began coverage on shares of Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price for the company. Barclays lifted their price objective on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Raymond James assumed coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price objective for the company. 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. Finally, UBS Group lifted their price objective on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and an average target price of $83.26.

Legend Biotech Stock Down 4.8 %

Legend Biotech stock opened at $45.17 on Tuesday. The company has a fifty day simple moving average of $58.56 and a 200 day simple moving average of $60.41. Legend Biotech has a 1-year low of $45.12 and a 1-year high of $77.32. The company has a market cap of $8.22 billion, a P/E ratio of -30.52 and a beta of 0.01. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data 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 net margin of 181.75% and a negative return on equity of 37.19%. The company had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. The company’s revenue for the quarter was up 177.2% on a year-over-year basis. Research analysts anticipate that Legend Biotech will post -1.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP lifted its holdings in shares of 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 last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Legend Biotech by 6.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,984,826 shares of the company’s stock worth $119,427,000 after buying an additional 117,794 shares during the period. Westfield Capital Management Co. LP increased its stake in shares of Legend Biotech by 6.5% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,776,247 shares of the company’s stock worth $106,877,000 after buying an additional 108,097 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of Legend Biotech by 101.5% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after buying an additional 860,410 shares during the period. Finally, TimesSquare Capital Management LLC increased its stake in shares of Legend Biotech by 15.4% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,065,889 shares of the company’s stock worth $64,135,000 after buying an additional 142,118 shares during the period. 70.89% of the stock is currently owned by institutional investors.

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).