Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $55.08 Consensus Price Target from Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have been given a consensus recommendation of “Moderate Buy” by the fifteen analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $58.3077.

LEGN has been the subject of several research reports. TD Cowen reissued a “hold” rating and set a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. UBS Group lowered their target price on Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, December 8th. Royal Bank Of Canada cut their price target on Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday. Weiss Ratings reissued a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. Finally, Cantor Fitzgerald lowered their price objective on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently modified their holdings of the business. Clearstead Advisors LLC lifted its stake in shares of 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 buying an additional 367 shares in the last quarter. Parallel Advisors LLC grew 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 valued at $34,000 after buying an additional 662 shares in the last quarter. OFI Invest Asset Management grew 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 valued at $40,000 after buying an additional 622 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after acquiring an additional 3,374 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Legend Biotech during the 2nd quarter valued at $78,000. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Down 1.6%

LEGN opened at $18.75 on Tuesday. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $45.30. The company’s 50-day moving average price is $19.37 and its two-hundred day moving average price is $26.21. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of -23.44 and a beta of 0.07.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, March 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18. The company had revenue of $306.30 million during the quarter, compared to analyst estimates of $310.21 million. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. Legend Biotech’s quarterly revenue was up 64.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS. As a group, sell-side analysts anticipate that Legend Biotech will post -1.31 earnings per share for the current year.

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.