Legend Biotech (NASDAQ:LEGN) Upgraded at Truist Financial

Legend Biotech (NASDAQ:LEGN) was upgraded by analysts at Truist Financial from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. Barclays cut their price objective on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Raymond James Financial reiterated an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. TD Cowen reissued a “hold” rating and issued a $21.00 price target (down from $62.00) on shares of Legend Biotech in a research note on Thursday, January 22nd. Oppenheimer started coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $58.31.

Legend Biotech Trading Down 6.0%

Shares of NASDAQ LEGN opened at $19.05 on Tuesday. The stock’s 50-day moving average is $19.42 and its 200 day moving average is $26.38. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of -23.81 and a beta of 0.07. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $45.30.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The business had revenue of $306.30 million during the quarter, compared to analyst estimates of $310.21 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. Legend Biotech’s revenue for the quarter was up 64.2% on a year-over-year basis. On average, analysts forecast that Legend Biotech will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently modified their holdings of LEGN. Clearstead Advisors LLC raised its stake in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares in the last quarter. Invesco Ltd. boosted its position in Legend Biotech by 4.4% during 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. OFI Invest Asset Management grew its holdings in shares of Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares during the period. Parallel Advisors LLC raised its position 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 acquiring an additional 662 shares in the last quarter. Finally, Fox Run Management L.L.C. lifted its stake in shares of Legend Biotech by 4.3% in 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. Hedge funds and other institutional investors 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.