HC Wainwright Forecasts Strong Price Appreciation for Legend Biotech (NASDAQ:LEGN) Stock

Legend Biotech (NASDAQ:LEGN) had its price target lifted by HC Wainwright from $73.00 to $75.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 101.67% from the company’s current price.

LEGN has been the subject of several other reports. Royal Bank of Canada restated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reiterated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $79.67.

Legend Biotech Stock Performance

Shares of LEGN opened at $37.19 on Wednesday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech has a 12 month low of $30.17 and a 12 month high of $69.24. The company has a market cap of $6.79 billion, a price-to-earnings ratio of -39.15 and a beta of 0.19. The business’s fifty day simple moving average is $35.47 and its two-hundred day simple moving average is $41.14.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business’s revenue for the quarter was up 134.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.40) earnings per share. Research analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its position in Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after acquiring an additional 1,579 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in Legend Biotech during the 4th quarter worth about $56,000. Shell Asset Management Co. increased its position in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after purchasing an additional 800 shares during the period. OFI Invest Asset Management purchased a new position in Legend Biotech during the fourth quarter valued at approximately $77,000. Finally, Quadrant Capital Group LLC increased its holdings in shares of Legend Biotech by 4,296.6% in the 4th quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock valued at $124,000 after acquiring an additional 3,738 shares during the period. Institutional investors own 70.89% of the company’s stock.

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).