Legend Biotech's (LEGN) Overweight Rating Reiterated at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has reaffirmed an "overweight" rating for Legend Biotech with a price target of $66.00, indicating a potential upside of 88.14%.
• Legend Biotech's latest quarterly earnings report showed a 36.8% year-over-year increase in revenue, although it reported a loss of ($0.34) EPS, missing the consensus estimate.
• Institutional investors hold 70.89% of Legend Biotech's stock, with significant recent purchases from various hedge funds, indicating strong institutional interest.

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "overweight" rating reiterated by equities researchers at Cantor Fitzgerald in a research note issued on Wednesday,Benzinga reports. They currently have a $66.00 target price on the stock. Cantor Fitzgerald's price objective would indicate a potential upside of 90.04% from the company's current price. Cantor Fitzgerald also issued estimates for Legend Biotech's FY2025 earnings at ($1.48) EPS and FY2026 earnings at $1.78 EPS.

Several other research analysts have also weighed in on LEGN. Truist Financial dropped their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $77.00 price objective (up previously from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. JPMorgan Chase & Co. upped their price objective on shares of Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday, August 25th. Johnson Rice reiterated a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Finally, HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research note on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Legend Biotech has a consensus rating of "Moderate Buy" and a consensus price target of $74.22.

Legend Biotech Stock Up 1.0%

Legend Biotech stock traded up $0.36 during trading hours on Wednesday, hitting $34.73. The company had a trading volume of 881,286 shares, compared to its average volume of 993,702. The firm has a market capitalization of $6.41 billion, a P/E ratio of -39.47 and a beta of 0.28. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. The firm's fifty day moving average is $37.79 and its 200-day moving average is $35.09. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $59.62.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The company had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The firm's quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) EPS. On average, research analysts forecast that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after buying an additional 765 shares during the period. Quarry LP bought a new stake in shares of Legend Biotech during the 1st quarter worth $48,000. GF Fund Management CO. LTD. bought a new stake in shares of Legend Biotech during the 4th quarter worth $56,000. Brooklyn Investment Group boosted its holdings in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after buying an additional 1,583 shares during the period. Finally, Shell Asset Management Co. boosted its holdings in shares of Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after buying an additional 800 shares during the period. Institutional investors and hedge funds own 70.89% of the company's stock.

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).