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

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $73.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 123.52% from the company’s previous close.

LEGN has been the topic of several other reports. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $80.62.

Legend Biotech Stock Up 3.9 %

Legend Biotech stock opened at $32.66 on Tuesday. The firm has a 50 day moving average price of $36.59 and a 200-day moving average price of $45.91. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech has a twelve month low of $30.17 and a twelve month high of $70.13. The company has a market capitalization of $5.96 billion, a P/E ratio of -34.38 and a beta of 0.16.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the business posted ($0.17) earnings per share. The business’s revenue for the quarter was up 66.9% on a year-over-year basis. As a group, equities analysts predict that Legend Biotech will post -1.24 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP bought a new stake in Legend Biotech during the third quarter valued at approximately $148,000. SG Americas Securities LLC bought a new stake in shares of Legend Biotech during the 3rd quarter worth $212,000. Public Employees Retirement System of Ohio bought a new position in Legend Biotech in the third quarter valued at $229,000. Aigen Investment Management LP bought a new position in Legend Biotech in the third quarter valued at $300,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Legend Biotech during the third quarter valued at about $306,000. 70.89% of the stock is currently owned by institutional investors.

About Legend Biotech

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).