Analysts Set Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Price Target at $60.23

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have received an average recommendation of “Moderate Buy” from the fifteen ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $60.2308.

Several analysts recently issued reports on the company. Truist Financial lowered Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Jefferies Financial Group reiterated a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a report on Tuesday, March 10th. Raymond James Financial reiterated an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 3rd. Finally, HC Wainwright increased their price objective on Legend Biotech from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd.

Legend Biotech Stock Performance

Legend Biotech stock opened at $29.34 on Thursday. The firm has a market cap of $5.45 billion, a PE ratio of -43.15 and a beta of 0.35. The firm’s 50 day moving average price is $27.88 and its two-hundred day moving average price is $22.81. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same quarter in the prior year, the company posted ($0.07) EPS. The firm’s quarterly revenue was up 56.5% compared to the same quarter last year. Equities analysts anticipate that Legend Biotech will post 0.05 EPS for the current fiscal year.

Insider Activity

In related 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 directly owned 247,438 shares in the company, valued at approximately $2,170,031.26. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of the stock. Suvretta Capital Management LLC boosted its stake in shares of Legend Biotech by 73.1% during the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after acquiring an additional 2,790,620 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock valued at $134,020,000 after acquiring an additional 70,191 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after acquiring an additional 425,684 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Legend Biotech by 120.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after acquiring an additional 1,188,449 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Legend Biotech by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after acquiring an additional 72,371 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

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.