Legend Biotech (NASDAQ:LEGN) Lowered to “Neutral” Rating by Rothschild & Co Redburn

Legend Biotech (NASDAQ:LEGN) was downgraded by equities research analysts at Rothschild & Co Redburn from a “buy” rating to a “neutral” rating in a report released on Thursday, Marketbeat Ratings reports. They currently have a $24.00 target price on the stock. Rothschild & Co Redburn’s target price would indicate a potential upside of 29.45% from the stock’s previous close.

Several other research analysts have also recently issued reports on LEGN. Cantor Fitzgerald dropped 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. Johnson Rice set a $60.00 price objective on Legend Biotech in a research report on Friday, October 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. HC Wainwright reduced their price objective on Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, January 22nd. Finally, Oppenheimer assumed coverage on Legend Biotech in a report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $55.08.

Legend Biotech Stock Up 3.5%

Shares of Legend Biotech stock opened at $18.54 on Thursday. The company’s 50 day moving average price is $21.25 and its 200-day moving average price is $29.10. Legend Biotech has a 52-week low of $16.24 and a 52-week high of $45.30. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of -28.52 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $272.33 million for the quarter, compared to analysts’ expectations of $277.91 million. During the same period last year, the firm earned ($0.34) earnings per share. Legend Biotech’s quarterly revenue was up 70.0% on a year-over-year basis. Equities research analysts forecast that Legend Biotech will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in LEGN. Clearstead Advisors LLC boosted its holdings in shares of Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Legend Biotech by 171.9% in the 3rd 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 last quarter. OFI Invest Asset Management increased its position in shares of Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Legend Biotech by 913.0% during the second 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 in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Legend Biotech in the second quarter worth $78,000. 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.