Legend Biotech (NASDAQ:LEGN) Price Target Raised to $75.00 at HC Wainwright

Legend Biotech (NASDAQ:LEGN) had its price target raised by HC Wainwright from $73.00 to $75.00 in a research note released on Wednesday, MarketBeat.com reports. They currently have a buy rating on the stock.

Several other analysts also recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Finally, Piper Sandler reissued an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.67.

Legend Biotech Stock Up 2.8 %

Shares of NASDAQ LEGN opened at $38.24 on Wednesday. The company has a market capitalization of $6.98 billion, a price-to-earnings ratio of -40.25 and a beta of 0.19. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The business has a 50-day moving average of $35.59 and a two-hundred day moving average of $41.12. Legend Biotech has a 1 year low of $30.17 and a 1 year high of $69.24.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. The company had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s revenue for the quarter was up 134.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.40) EPS. On average, analysts forecast that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC raised its stake in Legend Biotech by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after acquiring an additional 323 shares during the last quarter. Bridgewater Associates LP raised its stake in Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after acquiring an additional 516 shares during the last quarter. Shell Asset Management Co. increased its position in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after purchasing an additional 800 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Legend Biotech by 12.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock worth $238,000 after purchasing an additional 835 shares during the period. Finally, Advisors Asset Management Inc. increased its position in Legend Biotech by 14.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after purchasing an additional 837 shares during the period. 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).