HC Wainwright Increases Legend Biotech (NASDAQ:LEGN) Price Target to $65.00

Legend Biotech (NASDAQ:LEGN) had its price target upped by equities researchers at HC Wainwright from $50.00 to $65.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 79.16% from the company’s previous close.

LEGN has been the topic of a number of other reports. Jefferies Financial Group reiterated a “buy” rating and issued a $69.00 price objective on shares of Legend Biotech in a report on Tuesday, March 10th. Morgan Stanley reduced their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 20th. Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research report on Thursday, February 12th. Finally, Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research note on Monday, February 23rd. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.31.

Legend Biotech Trading Up 42.2%

LEGN stock opened at $36.28 on Wednesday. The stock has a 50-day moving average price of $23.30 and a two-hundred day moving average price of $22.30. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $45.30. The stock has a market cap of $6.74 billion, a PE ratio of -53.35 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm’s quarterly revenue was up 56.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.07) earnings per share. On average, analysts forecast that Legend Biotech will post 0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the transaction, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. The trade was a 3.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of LEGN. First Trust Advisors LP bought a new stake in Legend Biotech in the second quarter valued at approximately $411,000. Squarepoint Ops LLC increased its holdings in shares of Legend Biotech by 77.6% during the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock worth $5,277,000 after acquiring an additional 64,956 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Legend Biotech by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock valued at $2,984,000 after acquiring an additional 11,771 shares during the period. Alliancebernstein L.P. lifted its holdings in Legend Biotech by 3.5% during the 2nd quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock valued at $55,386,000 after purchasing an additional 52,344 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Legend Biotech during the second quarter worth $15,790,000. Institutional investors own 70.89% of the company’s stock.

About Legend Biotech

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.