Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Average Rating of “Hold” from Brokerages

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been assigned a consensus rating of “Hold” from the fifteen brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and eight have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $53.4286.

Several equities analysts have recently commented on the company. TD Cowen reduced their price objective on Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research report on Wednesday, August 12th. 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 report on Monday, July 27th. Raymond James Financial reaffirmed an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a research note on Monday, July 27th. JPMorgan Chase & Co. initiated coverage on shares of Legend Biotech in a research report on Monday, July 13th. They set a “neutral” rating and a $35.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $65.00 price target on shares of Legend Biotech in a research note on Friday.

Insider Activity

In related news, CEO Ying Huang sold 5,566 shares of the stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

Institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its holdings in shares of Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the period. Raymond James Financial Inc. purchased a new stake in Legend Biotech during the 2nd quarter valued at about $78,000. Public Employees Retirement System of Ohio bought a new position in Legend Biotech during the 2nd quarter worth approximately $92,000. Harvest Fund Management Co. Ltd bought a new position in Legend Biotech during the 3rd quarter worth approximately $104,000. Finally, Clearstead Advisors LLC increased 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 worth $76,000 after purchasing an additional 2,632 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $21.52 on Tuesday. The company’s fifty day moving average price is $22.56 and its 200-day moving average price is $23.59. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of -86.08 and a beta of 0.40. Legend Biotech has a one year low of $16.24 and a one year high of $37.50.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating 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 analysts’ expectations of $355.96 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. The firm’s revenue was up 51.9% on a year-over-year basis. As a group, equities research analysts expect that Legend Biotech will post -0.05 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.