Legend Biotech (NASDAQ:LEGN) Stock Rating Reaffirmed by HC Wainwright

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research note issued on Wednesday, Benzinga reports. They currently have a $73.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 62.55% from the company’s current price.

Other analysts have also issued reports about the stock. Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a research report on Wednesday, July 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Friday, September 27th. 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. Finally, Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Fourteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Legend Biotech has a consensus rating of “Buy” and an average price target of $82.08.

Legend Biotech Trading Down 9.6 %

Shares of Legend Biotech stock opened at $44.91 on Wednesday. Legend Biotech has a 12-month low of $38.60 and a 12-month high of $70.78. 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 $8.19 billion, a PE ratio of -34.55 and a beta of 0.10. The company has a 50-day moving average of $52.19 and a two-hundred day moving average of $49.54.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.49. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The company’s quarterly revenue was up 154.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.27) earnings per share. On average, research analysts anticipate that Legend Biotech will post -1.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in LEGN. Blue Trust Inc. boosted its holdings 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 during the last quarter. American International Group Inc. raised its stake 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 acquiring an additional 300 shares during the period. AM Squared Ltd purchased a new position in shares of Legend Biotech in the 2nd quarter valued at $71,000. California State Teachers Retirement System raised its stake in shares of Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after acquiring an additional 2,216 shares during the period. Finally, BNP Paribas purchased a new position in shares of Legend Biotech in the 1st quarter valued at $199,000. 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).