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

HC Wainwright reiterated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Wednesday morning, Benzinga reports. HC Wainwright currently has a $73.00 price target on the stock. HC Wainwright also issued estimates for Legend Biotech’s FY2025 earnings at $0.12 EPS.

Other research analysts have also issued reports about the company. Redburn Atlantic began coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. TD Cowen reduced their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. BMO Capital Markets restated an “outperform” rating and set a $90.00 price objective on shares of Legend Biotech in a report on Wednesday, July 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Friday, September 27th. Finally, Scotiabank boosted their price target on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $82.08.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $42.87 on Wednesday. The firm has a market capitalization of $7.81 billion, a PE ratio of -32.98 and a beta of 0.10. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $70.13. 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 firm’s fifty day simple moving average is $51.44 and its 200 day simple moving average is $49.31.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results 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 company had revenue of $186.50 million for the quarter, compared to the consensus estimate of $125.25 million. During the same period last year, the business posted ($0.27) earnings per share. The firm’s revenue was up 154.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Legend Biotech will post -1.51 EPS for the current year.

Institutional Trading of Legend Biotech

A number of large investors have recently bought and sold shares of LEGN. Wellington Management Group LLP boosted its stake in shares of Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares in the last quarter. RA Capital Management L.P. lifted its holdings in Legend Biotech by 9.5% during the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after buying an additional 463,527 shares in the last quarter. Capital International Investors boosted its position in Legend Biotech by 19.5% in the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after buying an additional 356,387 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Legend Biotech during the second quarter worth approximately $13,487,000. 70.89% of the stock is currently owned by 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).