Legend Biotech (NASDAQ:LEGN) Stock Price Up 7.7% – Time to Buy?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares rose 7.7% during mid-day trading on Monday . The stock traded as high as $25.46 and last traded at $25.4160. Approximately 1,669,655 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 2,260,833 shares. The stock had previously closed at $23.59.

Analyst Upgrades and Downgrades

LEGN has been the topic of several research reports. Morgan Stanley lowered their target price on Legend Biotech from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 11th. Royal Bank Of Canada lowered their price target on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 11th. Jefferies Financial Group reissued a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research report on Tuesday, March 10th. Oppenheimer started coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price target on the stock. Finally, Barclays lowered their price target on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.31.

Legend Biotech Price Performance

The firm’s 50 day moving average is $19.62 and its 200 day moving average is $22.90. The company has a market cap of $4.90 billion, a PE ratio of -33.13 and a beta of 0.29.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The business had revenue of $306.30 million for the quarter, compared to analysts’ expectations of $310.21 million. During the same period in the prior year, the company posted $0.07 EPS. The business’s revenue for the quarter was up 64.2% compared to the same quarter last year. As a group, analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.31 EPS for the current year.

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 9,936 shares of the company’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the transaction, the chief executive officer owned 247,438 shares of the company’s stock, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LEGN. First Trust Advisors LP purchased a new position in Legend Biotech during the second quarter worth about $411,000. Squarepoint Ops LLC grew its position in Legend Biotech by 77.6% during the second quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock worth $5,277,000 after buying an additional 64,956 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Legend Biotech by 16.3% during the second quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock worth $2,984,000 after buying an additional 11,771 shares in the last quarter. Alliancebernstein L.P. grew its position in Legend Biotech by 3.5% during the second quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock worth $55,386,000 after buying an additional 52,344 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in Legend Biotech in the 2nd quarter worth approximately $15,790,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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.