Legend Biotech (NASDAQ:LEGN) Rating Reiterated by HC Wainwright

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "buy" rating reissued by HC Wainwright in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $87.00 price objective on the stock. HC Wainwright's price objective would indicate a potential upside of 73.58% from the company's current price.

A number of other equities research analysts have also issued reports on LEGN. Barclays increased their target price on Legend Biotech from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, January 24th. Scotiabank initiated coverage on shares of Legend Biotech in a report on Tuesday, December 19th. They set a "sector perform" rating and a $65.00 price target for the company. Royal Bank of Canada reissued an "outperform" rating and set a $85.00 price target on shares of Legend Biotech in a report on Thursday, March 7th. Cantor Fitzgerald began coverage on shares of Legend Biotech in a report on Wednesday, April 3rd. They set an "overweight" rating and a $82.00 price target for the company. Finally, Raymond James assumed coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an "outperform" rating and a $86.00 price objective on the stock. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $82.70.

Legend Biotech Price Performance

Shares of LEGN traded down $1.59 during trading hours on Tuesday, reaching $50.12. 2,603,933 shares of the company traded hands, compared to its average volume of 988,936. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $9.12 billion, a PE ratio of -33.64 and a beta of 0.01. Legend Biotech has a fifty-two week low of $48.98 and a fifty-two week high of $77.32. The stock has a fifty day simple moving average of $60.22 and a 200 day simple moving average of $61.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating analysts' consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. The company's revenue was up 177.2% on a year-over-year basis. As a group, research analysts predict that Legend Biotech will post -1.42 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of LEGN. Price T Rowe Associates Inc. MD grew its holdings in shares of Legend Biotech by 11.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company's stock valued at $650,332,000 after acquiring an additional 1,114,848 shares in the last quarter. BlackRock Inc. grew its holdings in Legend Biotech by 14.9% during the second quarter. BlackRock Inc. now owns 4,743,594 shares of the company's stock valued at $327,450,000 after purchasing an additional 615,641 shares during the period. Capital International Investors grew its holdings in Legend Biotech by 0.4% during the first quarter. Capital International Investors now owns 2,810,737 shares of the company's stock valued at $102,142,000 after purchasing an additional 11,755 shares during the period. Wellington Management Group LLP lifted its position in shares of Legend Biotech by 14.6% during the first quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company's stock worth $94,841,000 after acquiring an additional 332,773 shares in the last quarter. Finally, Capital World Investors lifted its position in shares of Legend Biotech by 85.5% during the first quarter. Capital World Investors now owns 2,214,024 shares of the company's stock worth $80,458,000 after acquiring an additional 1,020,545 shares in the last quarter. 70.89% of the stock is 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).