TD Cowen Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $24.00

Legend Biotech (NASDAQ:LEGN) had its price objective trimmed by TD Cowen from $29.00 to $24.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Several other research analysts have also weighed in on the stock. Morgan Stanley raised their price objective on shares of Legend Biotech from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday. UBS Group restated a “neutral” rating and issued a $28.00 target price (down from $49.00) on shares of Legend Biotech in a research note on Monday, July 27th. Royal Bank Of Canada reduced their price target on shares of Legend Biotech from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday. Barclays lowered their price objective on Legend Biotech from $80.00 to $78.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. began coverage on Legend Biotech in a research note on Monday, July 13th. They set a “neutral” rating and a $35.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $52.29.

Legend Biotech Price Performance

Shares of LEGN stock opened at $20.37 on Wednesday. The company’s fifty day moving average price is $25.85 and its two-hundred day moving average price is $23.15. The firm has a market capitalization of $3.78 billion, a P/E ratio of -81.48 and a beta of 0.37. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $38.35.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The business had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. During the same period in the previous year, the company earned $0.03 earnings per share. The company’s revenue for the quarter was up 51.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Legend Biotech will post 0.01 EPS for the current year.

Insider Activity

In other news, CEO Ying Huang sold 5,566 shares of the firm’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 transaction, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Institutional investors and hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its stake in Legend Biotech by 5.8% in the first quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company’s stock valued at $188,000 after acquiring an additional 570 shares during the period. Invesco Ltd. raised its position in shares of Legend Biotech by 4.4% during the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock worth $298,000 after purchasing an additional 581 shares during the period. Resona Asset Management Co. Ltd. raised its position in shares of Legend Biotech by 3.1% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company’s stock worth $366,000 after purchasing an additional 607 shares during the period. Parallel Advisors LLC lifted its holdings 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 worth $34,000 after purchasing an additional 662 shares during the last quarter. Finally, Fox Run Management L.L.C. boosted its position in Legend Biotech by 4.3% during the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock valued at $452,000 after purchasing an additional 863 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.