Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Average Rating of “Moderate Buy” by Analysts

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received a consensus recommendation of “Moderate Buy” from the sixteen analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $55.0769.

A number of equities research analysts recently weighed in on LEGN shares. Morgan Stanley decreased their price objective on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. HC Wainwright reduced their target price on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, January 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. Royal Bank Of Canada reissued an “outperform” rating and set a $66.00 target price on shares of Legend Biotech in a research report on Tuesday, January 20th. Finally, Oppenheimer began coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price target on the stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Clearstead Advisors LLC boosted its holdings in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after acquiring an additional 367 shares in the last quarter. Parallel Advisors LLC boosted its stake in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares in the last quarter. OFI Invest Asset Management boosted its stake in Legend Biotech by 102.6% in the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after purchasing an additional 622 shares in 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 last quarter. Finally, Raymond James Financial Inc. acquired a new position in Legend Biotech during the 2nd quarter valued at approximately $78,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Up 0.1%

Legend Biotech stock opened at $18.36 on Friday. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The firm has a market cap of $3.39 billion, a P/E ratio of -28.25 and a beta of 0.10. The business has a fifty day moving average of $20.36 and a two-hundred day moving average of $28.26. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $45.30.

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.