Legend Biotech (NASDAQ:LEGN) Price Target Cut to $73.00 by Analysts at HC Wainwright

Legend Biotech (NASDAQ:LEGN) had its price objective reduced by stock analysts at HC Wainwright from $86.00 to $73.00 in a report released on Friday, MarketBeat reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 84.81% from the company’s current price.

Several other research analysts have also commented on LEGN. UBS Group lifted their price target on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Cantor Fitzgerald initiated coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price objective for the company. Raymond James initiated 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Legend Biotech in a research note on Thursday. They issued a “buy” rating and a $60.00 price objective for the company. Finally, Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective for the company in a research note on Wednesday, April 17th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average target price of $79.67.

Legend Biotech Trading Down 7.3 %

Shares of Legend Biotech stock opened at $39.50 on Friday. The firm has a market cap of $7.20 billion, a price-to-earnings ratio of -30.38 and a beta of 0.12. The business has a 50-day moving average price of $50.45 and a 200-day moving average price of $57.29. The company has a quick ratio of 5.57, a current ratio of 5.66 and a debt-to-equity ratio of 0.25. Legend Biotech has a twelve month low of $39.13 and a twelve month high of $77.32.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. The firm had revenue of $93.90 million during the quarter, compared to analyst estimates of $143.24 million. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The business’s quarterly revenue was up 158.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.40) earnings per share. Equities research analysts anticipate that Legend Biotech will post -0.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of LEGN. Teacher Retirement System of Texas increased its holdings in Legend Biotech by 2.6% during the third quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock valued at $796,000 after buying an additional 296 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Legend Biotech by 16.1% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 36,369 shares of the company’s stock worth $2,443,000 after purchasing an additional 5,040 shares during the last quarter. Jump Financial LLC grew its holdings in Legend Biotech by 2.8% in the third quarter. Jump Financial LLC now owns 47,209 shares of the company’s stock worth $3,171,000 after purchasing an additional 1,274 shares during the last quarter. Barclays PLC grew its holdings in Legend Biotech by 235.7% in the third quarter. Barclays PLC now owns 281,094 shares of the company’s stock worth $18,881,000 after purchasing an additional 197,357 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Legend Biotech by 1.0% in the third quarter. Swiss National Bank now owns 139,594 shares of the company’s stock worth $9,377,000 after purchasing an additional 1,400 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).