Legend Biotech (NASDAQ:LEGN) Given New $75.00 Price Target at HC Wainwright

Legend Biotech (NASDAQ:LEGN) had its price target boosted by HC Wainwright from $73.00 to $75.00 in a research report sent to investors on Wednesday, MarketBeat.com reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. Piper Sandler restated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.67.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $38.24 on Wednesday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average is $35.59 and its two-hundred day moving average is $41.12. Legend Biotech has a 12-month low of $30.17 and a 12-month high of $69.24. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of -40.25 and a beta of 0.19.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. The business had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s revenue was up 134.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.40) EPS. Research analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Legend Biotech by 9.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock worth $8,636,000 after purchasing an additional 14,672 shares during the period. Aigen Investment Management LP purchased a new position in shares of Legend Biotech in the 3rd quarter worth $300,000. Thrivent Financial for Lutherans increased its holdings in Legend Biotech by 38.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 121,377 shares of the company’s stock valued at $5,915,000 after purchasing an additional 33,585 shares in the last quarter. Swiss National Bank increased its holdings in Legend Biotech by 3.3% in the 3rd quarter. Swiss National Bank now owns 165,194 shares of the company’s stock valued at $8,050,000 after purchasing an additional 5,200 shares in the last quarter. Finally, Avior Wealth Management LLC increased its holdings in Legend Biotech by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after purchasing an additional 323 shares in the last quarter. 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).