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

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received an average recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $60.2308.

Several research analysts recently weighed in on LEGN shares. Royal Bank Of Canada raised their target price on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. TD Cowen boosted their price target on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Morgan Stanley reduced their price objective on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings cut shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group reissued a “buy” rating and set a $69.00 target price on shares of Legend Biotech in a research note on Tuesday, March 10th.

Insider Activity

In other news, CEO Ying Huang sold 9,936 shares of the stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares in the company, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Clearstead Advisors LLC boosted its position in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Legend Biotech by 5.8% during 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. lifted its position in shares of Legend Biotech by 4.4% in the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock valued at $298,000 after acquiring an additional 581 shares in the last quarter. Resona Asset Management Co. Ltd. grew its position in 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 in the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Price Performance

Legend Biotech stock opened at $33.52 on Thursday. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $45.30. The stock has a market capitalization of $6.23 billion, a PE ratio of -49.29 and a beta of 0.35. The firm has a 50 day simple moving average of $27.27 and a 200-day simple moving average of $22.78.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The firm had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. During the same period in the previous year, the business posted ($0.07) earnings per share. The business’s revenue for the quarter was up 56.5% compared to the same quarter last year. On average, analysts forecast that Legend Biotech will post 0.05 earnings per share for the current fiscal 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.