Legend Biotech (NASDAQ:LEGN) Rating Reiterated by HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research note issued to investors on Monday, Benzinga reports. They presently have a $73.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 53.75% from the stock’s current price.

A number of other research firms have also commented on LEGN. Piper Sandler reissued an “overweight” rating and issued a $90.00 target price on shares of Legend Biotech in a report on Monday, June 17th. BMO Capital Markets restated an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. TD Cowen dropped their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Truist Financial began coverage on shares of Legend Biotech in a report on Monday, June 17th. They set a “buy” rating and a $88.00 price objective for the company. Finally, 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. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $81.78.

Legend Biotech Trading Down 2.6 %

NASDAQ LEGN opened at $47.48 on Monday. The stock’s fifty day moving average price is $53.72 and its 200-day moving average price is $50.24. 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 stock has a market cap of $8.65 billion, a P/E ratio of -36.52 and a beta of 0.11. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $70.78.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Quarry LP bought a new stake in Legend Biotech during the fourth quarter valued at about $45,000. Blue Trust Inc. lifted its holdings in Legend Biotech by 10,075.0% in the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after purchasing an additional 806 shares in the last quarter. American International Group Inc. boosted 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 purchasing an additional 300 shares during the period. AM Squared Ltd purchased a new stake in Legend Biotech during the 2nd quarter valued at approximately $71,000. Finally, Barometer Capital Management Inc. bought a new stake in shares of Legend Biotech during the fourth quarter valued at approximately $120,000. Hedge funds and other 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).