Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have received an average rating of “Moderate Buy” from the fifteen research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $59.00.

A number of research analysts recently commented on LEGN shares. Rothschild & Co Redburn cut Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a report on Thursday, February 12th. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 20th. Truist Financial downgraded Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Morgan Stanley reduced their price objective on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Finally, Barclays reduced their price objective on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total value of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares in the company, valued at approximately $2,170,031.26. The trade was a 3.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Clearstead Advisors LLC raised its position in Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after purchasing an additional 367 shares during the period. Parallel Advisors LLC raised its position in 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 period. Raymond James Financial Inc. purchased a new stake in Legend Biotech in the 2nd quarter worth about $78,000. Harvest Fund Management Co. Ltd purchased a new stake in Legend Biotech in the 3rd quarter worth about $104,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after acquiring an additional 3,374 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

LEGN stock opened at $28.26 on Friday. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The business’s 50-day moving average is $22.97 and its two-hundred day moving average is $22.38. The company has a market cap of $5.23 billion, a price-to-earnings ratio of -41.56 and a beta of 0.29.

Legend Biotech (NASDAQ:LEGN) last released 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 quarter in the prior year, the firm earned ($0.07) earnings per share. The company’s revenue for the quarter was up 56.5% compared to the same quarter last year. Equities analysts predict that Legend Biotech will post 0.2 earnings per share for the current year.

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.