Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Has Consensus Price Target of $50.85 According to Analysts

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have received a consensus rating of “Moderate Buy” from the sixteen research firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $50.85.

Several equities research analysts have issued reports on LEGN shares. Raymond James Financial reaffirmed an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a research note on Monday, July 27th. Wall Street Zen upgraded shares of Legend Biotech from a “hold” rating to a “buy” rating in a research report on Saturday. Evercore cut shares of Legend Biotech from an “outperform” rating to an “in-line” rating in a research report on Friday. Barclays decreased their price target on shares of Legend Biotech from $68.00 to $61.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, November 9th.

Insider Activity

In other Legend Biotech news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total value of $258,920.20. Following the completion of the sale, the director owned 52,731 shares in the company, valued at approximately $498,835.26. This represents a 34.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Carlos Santos sold 5,430 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the transaction, the chief financial officer directly owned 14,246 shares in the company, valued at $130,208.44. This trade represents a 27.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. acquired a new position in Legend Biotech during the second quarter worth $55,307,000. Squarepoint Ops LLC grew its holdings in Legend Biotech by 60.4% in the 2nd quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after buying an additional 289,772 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Legend Biotech by 29.5% in the 1st quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after buying an additional 119,000 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Legend Biotech by 343.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock valued at $7,361,000 after buying an additional 315,176 shares in the last quarter. Finally, Tidal Investments LLC increased its stake in shares of Legend Biotech by 34.0% in the 2nd quarter. Tidal Investments LLC now owns 240,476 shares of the company’s stock worth $6,945,000 after acquiring an additional 61,023 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of LEGN traded down $1.04 during trading hours on Friday, hitting $17.50. 3,029,718 shares of the stock were exchanged, compared to its average volume of 2,468,718. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $37.50. The company has a market cap of $3.39 billion, a price-to-earnings ratio of -1,748.25 and a beta of 0.55. The stock’s 50-day moving average price is $19.57 and its two-hundred day moving average price is $22.12.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 10th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.01 by $0.13. The firm had revenue of $359.50 million during the quarter, compared to the consensus estimate of $361.46 million. Legend Biotech had a negative return on equity of 0.03% and a negative net margin of 0.02%. The firm’s revenue was up 32.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) EPS. On average, research analysts expect that Legend Biotech will post -0.02 earnings per share for the current year.

About Legend Biotech

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.