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

Legend Biotech (NASDAQ:LEGN) had its target price hoisted by equities researchers at HC Wainwright from $73.00 to $75.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 101.67% from the stock’s previous close.

Several other analysts have also issued reports on LEGN. Piper Sandler restated an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech currently has an average rating of “Buy” and a consensus price target of $79.67.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $37.19 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a market cap of $6.79 billion, a P/E ratio of -39.15 and a beta of 0.19. Legend Biotech has a one year low of $30.17 and a one year high of $69.24. The firm has a 50-day moving average of $35.47 and a 200-day moving average of $41.14.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. During the same quarter in the prior year, the company earned ($0.40) EPS. The business’s revenue for the quarter was up 134.6% on a year-over-year basis. Equities research analysts forecast that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors have recently made changes to their positions in the stock. Suvretta Capital Management LLC bought a new stake in shares of Legend Biotech in the 4th quarter worth approximately $113,767,000. Deerfield Management Company L.P. Series C purchased a new position in shares of Legend Biotech in the 4th quarter valued at approximately $50,493,000. Braidwell LP boosted its position in shares of Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock valued at $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Invesco Ltd. grew its stake in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock worth $107,706,000 after purchasing an additional 1,022,365 shares during the period. Finally, Artisan Partners Limited Partnership grew its stake in Legend Biotech by 155.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock worth $48,991,000 after purchasing an additional 915,891 shares during the period. Hedge funds and other institutional investors 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).