Legend Biotech's (LEGN) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Legend Biotech (NASDAQ:LEGN - Free Report) in a research report released on Tuesday,Benzinga reports. HC Wainwright currently has a $75.00 price target on the stock.

A number of other brokerages have also recently commented on LEGN. UBS Group set a $54.00 target price on shares of Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Morgan Stanley cut their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Truist Financial lowered 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 report on Wednesday, May 14th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Finally, Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $72.70.

Legend Biotech Stock Down 1.9%

LEGN stock traded down $0.75 during midday trading on Tuesday, reaching $38.96. 824,628 shares of the company were exchanged, compared to its average volume of 1,382,727. The stock's 50-day simple moving average is $32.96 and its 200 day simple moving average is $34.15. The company has a market cap of $7.16 billion, a price-to-earnings ratio of -66.03 and a beta of 0.19. Legend Biotech has a 1-year low of $27.34 and a 1-year high of $60.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 5.07 and a current ratio of 5.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. The business had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The company's quarterly revenue was up 107.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) EPS. On average, equities analysts forecast that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently made changes to their positions in the stock. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Legend Biotech during the 4th quarter worth $914,000. JPMorgan Chase & Co. boosted its position in shares of Legend Biotech by 176.0% in the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock worth $32,475,000 after buying an additional 636,390 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Legend Biotech by 76.3% in the 4th quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock worth $673,000 after buying an additional 8,948 shares in the last quarter. Sei Investments Co. boosted its position in shares of Legend Biotech by 29.1% in the 4th quarter. Sei Investments Co. now owns 66,855 shares of the company's stock worth $2,175,000 after buying an additional 15,058 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Legend Biotech by 1.4% in the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock worth $951,000 after buying an additional 391 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other 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).