Legend Biotech (NASDAQ:LEGN) Given New $50.00 Price Target at HC Wainwright

Legend Biotech (NASDAQ:LEGN) had its price objective cut by research analysts at HC Wainwright from $60.00 to $50.00 in a report released on Thursday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 140.85% from the company’s previous close.

LEGN has been the subject of several other reports. Jefferies Financial Group set a $21.00 price objective on shares of Legend Biotech in a report on Thursday. Cantor Fitzgerald decreased their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Morgan Stanley lowered their price target on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Johnson Rice set a $60.00 price target on Legend Biotech in a research note on Friday, October 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Legend Biotech in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $58.50.

Legend Biotech Trading Down 11.4%

Shares of NASDAQ:LEGN opened at $20.76 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. Legend Biotech has a 1 year low of $19.61 and a 1 year high of $45.30. The company has a market cap of $3.83 billion, a P/E ratio of -31.94 and a beta of 0.12. The stock’s fifty day moving average price is $24.39 and its 200-day moving average price is $31.52.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $272.33 million during the quarter, compared to the consensus estimate of $277.91 million. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.Legend Biotech’s revenue for the quarter was up 70.0% on a year-over-year basis. During the same period last year, the company earned ($0.34) EPS. Sell-side analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. grew its holdings in Legend Biotech by 24.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 30,141 shares of the company’s stock valued at $655,000 after purchasing an additional 5,996 shares during the period. Aberdeen Group plc lifted its position in shares of Legend Biotech by 62.5% during the 4th quarter. Aberdeen Group plc now owns 29,782 shares of the company’s stock valued at $647,000 after buying an additional 11,456 shares in the last quarter. Tempus Wealth Planning LLC grew its stake in shares of Legend Biotech by 51.3% during the 4th quarter. Tempus Wealth Planning LLC now owns 12,217 shares of the company’s stock valued at $266,000 after acquiring an additional 4,141 shares during the period. Banque Pictet & Cie SA purchased a new stake in Legend Biotech in the 4th quarter worth approximately $315,000. Finally, SG Americas Securities LLC increased its holdings in Legend Biotech by 6,774.9% in the 4th quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock worth $8,081,000 after acquiring an additional 366,321 shares in the last quarter. 70.89% of the stock is owned by institutional investors.

About Legend Biotech

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.