Cantor Fitzgerald Reaffirms "Overweight" Rating for Legend Biotech (NASDAQ:LEGN)

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 restated by Cantor Fitzgerald in a report released on Wednesday,Benzinga reports. They presently have a $66.00 price target on the stock. Cantor Fitzgerald's target price indicates a potential upside of 88.14% from the company's previous close.

Several other research analysts also recently commented on LEGN. Morgan Stanley lifted their price objective on Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. UBS Group set a $54.00 price objective on Legend Biotech and gave the stock a "buy" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price target on Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a report on Monday. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a report on Thursday, July 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $77.00 price target (up previously from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.22.

Legend Biotech Trading Up 1.4%

Shares of LEGN stock opened at $35.08 on Wednesday. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $37.79 and a two-hundred day moving average price of $35.12. Legend Biotech has a 12-month low of $27.34 and a 12-month high of $59.62. The firm has a market cap of $6.45 billion, a P/E ratio of -39.86 and a beta of 0.26.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS 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 analysts' expectations of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The firm's quarterly revenue was up 36.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) EPS. Equities analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LEGN. Suvretta Capital Management LLC purchased a new position in shares of Legend Biotech during the 4th quarter worth approximately $113,767,000. Deerfield Management Company L.P. Series C bought a new stake in shares of Legend Biotech in the 4th quarter worth approximately $50,493,000. Braidwell LP boosted its position in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Legend Biotech by 21.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after purchasing an additional 1,203,871 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its position in shares of Legend Biotech by 87.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company's stock worth $75,319,000 after purchasing an additional 990,500 shares in the last quarter. Hedge funds and other institutional investors 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.