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

HC Wainwright reaffirmed their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Tuesday morning,Benzinga reports. HC Wainwright currently has a $73.00 target price on the stock.

LEGN has been the subject of several other reports. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday. Scotiabank lifted their price objective on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note 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 on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $81.54.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $37.90 on Tuesday. Legend Biotech has a 52-week low of $36.92 and a 52-week high of $70.13. The business’s fifty day moving average is $43.65 and its 200 day moving average is $47.96. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of -39.89 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. The company’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.17) earnings per share. Research analysts predict that Legend Biotech will post -1.23 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in LEGN. Westfield Capital Management Co. LP grew its holdings in shares of Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after purchasing an additional 266,296 shares during the last quarter. Hsbc Holdings PLC boosted its position in Legend Biotech by 9.9% during the second quarter. Hsbc Holdings PLC now owns 232,560 shares of the company’s stock valued at $10,296,000 after buying an additional 20,910 shares during the period. Empire Life Investments Inc. increased its holdings in shares of Legend Biotech by 75.2% in the third quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock worth $4,809,000 after buying an additional 42,368 shares during the period. Vestal Point Capital LP bought a new stake in shares of Legend Biotech in the 3rd quarter valued at about $6,091,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Legend Biotech by 9.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock valued at $8,636,000 after acquiring an additional 14,672 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other 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).