HC Wainwright Reiterates Buy Rating for Legend Biotech (NASDAQ:LEGN)

HC Wainwright restated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report sent to investors on Monday, Benzinga reports. They currently have a $73.00 price objective on the stock. HC Wainwright also issued estimates for Legend Biotech’s Q3 2024 earnings at ($0.22) EPS, Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($0.61) EPS, Q1 2025 earnings at ($0.14) EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at ($0.05) EPS, Q4 2025 earnings at $0.10 EPS and FY2025 earnings at $0.05 EPS.

Other research analysts have also issued research reports about the company. BMO Capital Markets reiterated an outperform rating and issued a $90.00 price target on shares of Legend Biotech in a report on Wednesday, July 3rd. Royal Bank of Canada reissued an outperform rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Friday, September 27th. Truist Financial began coverage on shares of Legend Biotech in a report on Monday, June 17th. They set a buy rating and a $88.00 price objective on the stock. Piper Sandler reiterated an overweight rating and set a $90.00 price objective on shares of Legend Biotech in a report on Monday, June 17th. Finally, TD Cowen lowered their target price on shares of Legend Biotech from $71.00 to $67.00 and set a buy rating on the stock in a report on Monday, July 15th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and an average price target of $81.78.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $47.79 on Monday. The firm has a 50 day moving average of $53.28 and a 200-day moving average of $50.21. The company has a market cap of $8.71 billion, a price-to-earnings ratio of -36.76 and a beta of 0.10. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. Legend Biotech has a 52 week low of $38.60 and a 52 week high of $70.78.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. During the same period last year, the company posted ($0.27) earnings per share. The business’s quarterly revenue was up 154.4% on a year-over-year basis. On average, equities analysts forecast that Legend Biotech will post -1.46 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently made changes to their positions in the business. Quarry LP bought a new position in Legend Biotech during the fourth quarter valued at about $45,000. Blue Trust Inc. boosted its stake in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after acquiring an additional 806 shares during the last quarter. American International Group Inc. grew its position in shares of Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after acquiring an additional 300 shares during the period. AM Squared Ltd purchased a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $71,000. Finally, Barometer Capital Management Inc. bought a new stake in shares of Legend Biotech in the 4th quarter worth approximately $120,000. 70.89% of the stock is 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).