Legend Biotech (NASDAQ:LEGN) Given “Buy” Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Wednesday morning,Benzinga reports. They currently have a $73.00 target price on the stock. 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.

LEGN has been the subject of a number of other research reports. Redburn Atlantic began coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Scotiabank lifted their price objective on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. Finally, 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. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $81.46.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $38.19 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.78 and a current ratio of 4.98. The firm has a fifty day moving average of $46.01 and a 200-day moving average of $48.27. Legend Biotech has a 52-week low of $38.02 and a 52-week high of $70.13.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $143.91 million. During the same quarter last year, the company earned ($0.17) earnings per share. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year. On average, equities research analysts forecast that Legend Biotech will post -1.23 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. raised 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 valued at $2,949,000 after purchasing an additional 9,122 shares during the period. 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 worth $112,982,000 after acquiring an additional 148,855 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 worth $614,137,000 after acquiring an additional 140,904 shares during the period. Russell Investments Group Ltd. grew its position in shares of Legend Biotech by 82.7% in the first quarter. Russell Investments Group Ltd. now owns 183,741 shares of the company’s stock valued at $10,306,000 after purchasing an additional 83,150 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Legend Biotech by 3.9% during the first quarter. Swiss National Bank now owns 159,994 shares of the company’s stock worth $8,974,000 after purchasing an additional 6,000 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).