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

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note released on Tuesday, Benzinga reports. HC Wainwright currently has a $87.00 price target on the stock.

Several other analysts have also recently commented on the company. Cantor Fitzgerald began coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an overweight rating and a $82.00 target price for the company. Scotiabank raised Legend Biotech from a sector perform rating to a sector outperform rating and set a $65.00 target price for the company in a research report on Wednesday, April 17th. Barclays increased their price objective on Legend Biotech from $93.00 to $94.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Royal Bank of Canada reiterated an outperform rating and set a $85.00 price objective on shares of Legend Biotech in a report on Thursday, March 7th. Finally, UBS Group increased their price objective on Legend Biotech from $76.00 to $81.00 and gave the stock a buy rating in a report on Monday, March 18th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $82.64.

Legend Biotech Price Performance

LEGN opened at $44.42 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. The business has a fifty day simple moving average of $58.31 and a 200-day simple moving average of $60.30. Legend Biotech has a fifty-two week low of $44.06 and a fifty-two week high of $77.32.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.70) by $0.30. The business had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. Legend Biotech’s quarterly revenue was up 177.2% on a year-over-year basis. On average, equities analysts predict that Legend Biotech will post -1.43 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the company. BluePath Capital Management LLC acquired a new stake in Legend Biotech during the third quarter valued at approximately $32,000. Quarry LP acquired a new stake in Legend Biotech during the fourth quarter valued at approximately $45,000. PNC Financial Services Group Inc. boosted its holdings in shares of Legend Biotech by 53.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock worth $91,000 after acquiring an additional 472 shares in the last quarter. Barometer Capital Management Inc. acquired a new position in shares of Legend Biotech in the 4th quarter worth approximately $120,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Legend Biotech by 141.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,048 shares of the company’s stock worth $138,000 after acquiring an additional 1,199 shares in the last quarter. 70.89% of the stock is 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).