Legend Biotech (NASDAQ:LEGN) Earns Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Monday morning, Benzinga reports. The brokerage currently has a $73.00 price target on the stock. HC Wainwright also issued estimates for Legend Biotech’s Q3 2024 earnings at ($0.22) EPS, Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($0.61) EPS, Q1 2025 earnings at ($0.14) EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at ($0.05) EPS, Q4 2025 earnings at $0.10 EPS and FY2025 earnings at $0.05 EPS.

Other analysts have also issued research reports about the stock. BMO Capital Markets restated an outperform rating and set a $90.00 target price on shares of Legend Biotech in a research report on Wednesday, July 3rd. Truist Financial began coverage on shares of Legend Biotech in a research note on Monday, June 17th. They set a buy rating and a $88.00 price objective for the company. TD Cowen decreased their target price on shares of Legend Biotech from $71.00 to $67.00 and set a buy rating on the stock in a research report on Monday, July 15th. Piper Sandler reaffirmed an overweight rating and set a $90.00 price target on shares of Legend Biotech in a research report on Monday, June 17th. Finally, Scotiabank lifted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a sector outperform rating in a report on Monday, August 12th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $81.78.

Legend Biotech Price Performance

LEGN stock opened at $48.68 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The stock’s 50 day moving average price is $53.50 and its 200 day moving average price is $50.23. The firm has a market cap of $8.87 billion, a P/E ratio of -37.45 and a beta of 0.11. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $70.78.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $125.25 million. During the same period in the prior year, the business earned ($0.27) earnings per share. The business’s revenue was up 154.4% on a year-over-year basis. On average, sell-side analysts expect that Legend Biotech will post -1.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Blue Trust Inc. raised its position in shares of Legend Biotech by 10,075.0% in the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after purchasing an additional 806 shares in the last quarter. Quarry LP acquired a new position in shares of Legend Biotech in the 4th quarter valued at approximately $45,000. American International Group Inc. raised its position in shares of Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after purchasing an additional 300 shares in the last quarter. AM Squared Ltd acquired a new position in shares of Legend Biotech in the 2nd quarter valued at approximately $71,000. Finally, Barometer Capital Management Inc. acquired a new position in shares of Legend Biotech in the 4th quarter valued at approximately $120,000. Institutional investors and hedge funds 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).