Legend Biotech (NASDAQ:LEGN) Receives Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research report sent to investors on Monday morning, Benzinga reports. HC Wainwright currently has a $73.00 price target 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.

LEGN has been the topic of several other research reports. Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a sector outperform rating in a research report on Monday, August 12th. TD Cowen lowered their price target on Legend Biotech from $71.00 to $67.00 and set a buy rating for the company in a report on Monday, July 15th. Royal Bank of Canada reaffirmed an outperform rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Friday, September 27th. Piper Sandler reissued an overweight rating and set a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th. Finally, Truist Financial began coverage on shares of Legend Biotech in a research note on Monday, June 17th. They issued a buy rating and a $88.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of Buy and a consensus price target of $81.78.

Legend Biotech Trading Down 1.8 %

Shares of NASDAQ:LEGN opened at $47.79 on Monday. The company has a market capitalization of $8.71 billion, a P/E ratio of -36.76 and a beta of 0.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78. The business’s 50 day simple moving average is $53.28 and its 200 day simple moving average is $50.21. Legend Biotech has a 1 year low of $38.60 and a 1 year 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, beating analysts’ consensus estimates of ($0.54) by $0.49. The business had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. Legend Biotech’s revenue for the quarter was up 154.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.27) earnings per share. On average, research analysts anticipate that Legend Biotech will post -1.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

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