Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been assigned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $55.2857.

LEGN has been the subject of several research reports. TD Cowen increased their price objective on Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. UBS Group reissued a “neutral” rating and issued a $28.00 price target (down from $49.00) on shares of Legend Biotech in a report on Monday, July 27th. JPMorgan Chase & Co. initiated coverage on shares of Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 price objective on the stock. Finally, Royal Bank Of Canada cut their price objective on shares of Legend Biotech from $63.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, July 27th.

Insider Buying and Selling at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the sale, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its stake 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 period. Raymond James Financial Inc. bought a new position in shares of Legend Biotech during the 2nd quarter worth approximately $78,000. Harvest Fund Management Co. Ltd acquired a new stake in Legend Biotech in the 3rd quarter valued at $104,000. Clearstead Advisors LLC boosted its stake in Legend Biotech by 310.7% in the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after buying an additional 2,632 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in Legend Biotech by 1,730.3% in the fourth 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. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Price Performance

NASDAQ LEGN opened at $19.28 on Friday. Legend Biotech has a 52-week low of $16.24 and a 52-week high of $38.35. The company has a 50 day simple moving average of $27.20 and a 200-day simple moving average of $23.17. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of -28.35 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The company had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. During the same quarter last year, the company posted ($0.07) EPS. The business’s revenue was up 56.5% compared to the same quarter last year. On average, analysts predict that Legend Biotech will post -0.01 EPS 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.