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

Legend Biotech (NASDAQ:LEGN)‘s stock had its “buy” rating reiterated by HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $73.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 88.53% from the company’s current price. HC Wainwright also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.32) EPS, FY2024 earnings at ($1.42) EPS, Q1 2025 earnings at ($0.30) EPS, Q2 2025 earnings at $0.24 EPS, Q3 2025 earnings at ($0.18) EPS, Q4 2025 earnings at $0.12 EPS and FY2025 earnings at ($0.12) EPS.

Several other equities analysts also recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Tuesday, October 29th. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company. Finally, Scotiabank lifted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $81.46.

Legend Biotech Price Performance

Shares of LEGN traded down $1.17 during trading hours on Wednesday, reaching $38.72. The company had a trading volume of 222,479 shares, compared to its average volume of 1,090,856. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27. The firm has a 50 day simple moving average of $46.21 and a 200-day simple moving average of $48.28. Legend Biotech has a 12-month low of $38.60 and a 12-month high of $70.13. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of -41.99 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the firm posted ($0.17) EPS. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis. Research analysts expect that Legend Biotech will post -1.48 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Legend Biotech by 21.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock worth $2,949,000 after acquiring an additional 9,122 shares during the last quarter. Janus Henderson Group PLC lifted its position in Legend Biotech by 8.0% during the first quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock valued at $112,982,000 after buying an additional 148,855 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Legend Biotech by 1.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock valued at $614,137,000 after buying an additional 140,904 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Legend Biotech by 82.7% during the first quarter. Russell Investments Group Ltd. now owns 183,741 shares of the company’s stock valued at $10,306,000 after buying an additional 83,150 shares in the last quarter. Finally, Swiss National Bank lifted its position in Legend Biotech by 3.9% during the first quarter. Swiss National Bank now owns 159,994 shares of the company’s stock valued at $8,974,000 after buying an additional 6,000 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

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).