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

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at HC Wainwright in a report issued on Monday, Benzinga reports. They currently have a $87.00 price target on the stock. HC Wainwright's target price points to a potential upside of 52.04% from the stock's current price.

Several other equities research analysts also recently commented on LEGN. Raymond James started coverage on Legend Biotech in a report on Wednesday, March 13th. They set an "outperform" rating and a $86.00 price objective for the company. UBS Group lifted their target price on Legend Biotech from $76.00 to $81.00 and gave the company a "buy" rating in a research report on Monday, March 18th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $85.00 target price on shares of Legend Biotech in a research report on Thursday, March 7th. Scotiabank started coverage on Legend Biotech in a research report on Tuesday, December 19th. They set a "sector perform" rating and a $65.00 target price on the stock. Finally, Barclays lifted their target price on Legend Biotech from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday, January 24th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $82.76.

Legend Biotech Trading Up 2.0 %

Shares of LEGN stock traded up $1.13 during mid-day trading on Monday, reaching $57.22. 869,892 shares of the stock traded hands, compared to its average volume of 983,268. The stock's fifty day simple moving average is $60.69 and its two-hundred day simple moving average is $61.99. Legend Biotech has a 1-year low of $44.52 and a 1-year high of $77.32. The company has a market cap of $9.45 billion, a price-to-earnings ratio of -38.66 and a beta of 0.01. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.70) by $0.30. The company had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm's revenue for the quarter was up 177.2% compared to the same quarter last year. On average, research analysts anticipate that Legend Biotech will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. grew its stake in shares of Legend Biotech by 101.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company's stock worth $114,761,000 after acquiring an additional 860,410 shares during the period. Westfield Capital Management Co. LP grew its stake in shares of Legend Biotech by 71.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company's stock worth $112,050,000 after acquiring an additional 696,096 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in shares of Legend Biotech during the 3rd quarter worth $974,000. Massachusetts Financial Services Co. MA grew its stake in shares of Legend Biotech by 12.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,867,032 shares of the company's stock worth $125,409,000 after acquiring an additional 212,327 shares during the period. Finally, Barclays PLC grew its stake in shares of Legend Biotech by 235.7% during the 3rd quarter. Barclays PLC now owns 281,094 shares of the company's stock worth $18,881,000 after acquiring an additional 197,357 shares during the period. 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).