Legend Biotech’s (LEGN) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN) in a research note published on Tuesday,Benzinga reports. HC Wainwright currently has a $65.00 target price on the stock.

LEGN has been the subject of several other research reports. JPMorgan Chase & Co. initiated coverage on shares of Legend Biotech in a research note on Monday, July 13th. They issued a “neutral” rating and a $35.00 price objective for the company. Morgan Stanley reduced their price target on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 10th. Raymond James Financial reaffirmed an “outperform” rating and issued a $58.00 price objective on shares of Legend Biotech in a research note on Monday. Finally, TD Cowen boosted their target price on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.29.

Legend Biotech Trading Up 1.1%

NASDAQ LEGN opened at $19.05 on Tuesday. The business’s 50 day moving average is $28.20 and its two-hundred day moving average is $23.30. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $40.05. The stock has a market capitalization of $3.54 billion, a price-to-earnings ratio of -28.01 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same period in the prior year, the business earned ($0.07) earnings per share. The firm’s quarterly revenue was up 56.5% compared to the same quarter last year. Equities analysts forecast that Legend Biotech will post -0.01 earnings per share for the current fiscal year.

Insider Transactions at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the sale, the chief executive officer owned 241,872 shares in the company, valued at approximately $3,574,868.16. This represents a 2.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

A number of large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. purchased a new position in Legend Biotech in the 2nd quarter valued at about $55,307,000. Avior Wealth Management LLC purchased a new stake in shares of Legend Biotech during the second quarter worth about $235,000. Parallel Advisors LLC raised its position in shares of Legend Biotech by 173.9% in the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock valued at $38,000 after buying an additional 1,323 shares during the last quarter. Avidity Partners Management LP purchased a new position in shares of Legend Biotech during the first quarter valued at approximately $271,000. Finally, ADAR1 Capital Management LLC acquired a new stake in Legend Biotech during the first quarter worth approximately $362,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.