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

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

A number of other research firms have also issued reports on LEGN. Royal Bank Of Canada reissued an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a report on Tuesday, April 22nd. Cantor Fitzgerald reiterated an "overweight" rating and set a $55.00 price target on shares of Legend Biotech in a research note on Wednesday, May 14th. Morgan Stanley dropped their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. UBS Group set a $54.00 price target on Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $72.60.

Legend Biotech Stock Performance

Shares of LEGN stock traded up $1.62 during trading hours on Tuesday, hitting $37.49. The stock had a trading volume of 1,891,532 shares, compared to its average volume of 1,373,363. The stock's 50 day moving average is $32.58 and its 200 day moving average is $34.01. The firm has a market capitalization of $6.89 billion, a PE ratio of -63.54 and a beta of 0.19. Legend Biotech has a twelve month low of $27.34 and a twelve month high of $60.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07.

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

Institutional Trading of Legend Biotech

A number of institutional investors have recently bought and sold shares of LEGN. Suvretta Capital Management LLC purchased a new position in shares of Legend Biotech in the fourth quarter valued at $113,767,000. Deerfield Management Company L.P. Series C acquired a new stake in Legend Biotech in the 4th quarter valued at about $50,493,000. Braidwell LP increased its holdings in Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after acquiring an additional 1,436,400 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in Legend Biotech by 21.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock valued at $234,713,000 after acquiring an additional 1,203,871 shares in the last quarter. Finally, Invesco Ltd. raised its position in Legend Biotech by 44.7% during the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after acquiring an additional 1,022,365 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other 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).