Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have earned an average rating of “Moderate Buy” from the fifteen brokerages that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, eleven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $58.50.

Several analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. Cantor Fitzgerald cut their target price on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. UBS Group lowered their price target on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Finally, JPMorgan Chase & Co. cut their price objective on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the business. Clearstead Advisors LLC lifted its stake in Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares during the period. Parallel Advisors LLC lifted its position in Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after purchasing an additional 662 shares during the period. OFI Invest Asset Management boosted its holdings in Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after purchasing an additional 622 shares during the last quarter. Hantz Financial Services Inc. grew its position in Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after purchasing an additional 1,890 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Legend Biotech during the 2nd quarter worth about $78,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Trading Down 1.7%

Shares of NASDAQ:LEGN opened at $19.01 on Monday. The business’s 50-day moving average is $23.93 and its 200 day moving average is $31.22. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. Legend Biotech has a 1 year low of $18.99 and a 1 year high of $45.30. The firm has a market capitalization of $3.51 billion, a P/E ratio of -29.25 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. During the same quarter in the previous year, the firm earned ($0.34) earnings per share. The company’s revenue was up 70.0% on a year-over-year basis. On average, research analysts predict that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

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.