Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Has Consensus Price Target of $53.14 According to Analysts

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have been given an average recommendation of “Moderate Buy” by the fifteen ratings firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $55.79.

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. started coverage on Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 price target for the company. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 16th. Benchmark reaffirmed a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Raymond James Financial reiterated an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a research note on Monday, July 27th. Finally, UBS Group reissued a “buy” rating and issued a $65.00 price target on shares of Legend Biotech in a report on Monday.

Legend Biotech Stock Performance

Legend Biotech stock opened at $18.57 on Friday. The business’s 50-day simple moving average is $19.83 and its 200-day simple moving average is $23.54. The firm has a market capitalization of $3.60 billion, a PE ratio of -74.28 and a beta of 0.57. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $37.50.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. The firm had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The firm’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 EPS. Research analysts forecast that Legend Biotech will post -0.09 earnings per share for the current year.

Insider Activity

In related news, CFO Carlos E. Santos sold 5,430 shares of the stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the completion of the sale, the chief financial officer owned 14,246 shares in the company, valued at approximately $130,208.44. This trade represents a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of Legend Biotech stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total value of $258,920.20. Following the sale, the director directly owned 52,731 shares in the company, valued at approximately $498,835.26. This trade represents a 34.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position in shares of Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after acquiring an additional 1,323 shares during the period. Clearstead Advisors LLC increased its position in shares of Legend Biotech by 310.7% during the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after purchasing an additional 2,632 shares during the period. Caitong International Asset Management Co. Ltd increased its position in shares of Legend Biotech by 1,730.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after purchasing an additional 3,374 shares during the period. IFM Investors Pty Ltd acquired a new position in shares of Legend Biotech in the first quarter valued at $81,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Legend Biotech in the second quarter valued at $92,000. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company’s leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.