Royal Bank Of Canada Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $58.00

Legend Biotech (NASDAQ:LEGN) had its price objective lowered by equities researchers at Royal Bank Of Canada from $59.00 to $58.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 176.32% from the stock’s current price.

A number of other brokerages also recently commented on LEGN. Raymond James Financial reissued an “outperform” rating and issued a $58.00 price objective on shares of Legend Biotech in a research report on Monday, July 27th. Benchmark reaffirmed a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. Morgan Stanley reiterated an “overweight” rating on shares of Legend Biotech in a research note on Wednesday. HC Wainwright reiterated a “buy” rating and set a $65.00 price target on shares of Legend Biotech in a report on Tuesday, July 28th. Finally, UBS Group reissued a “neutral” rating and set a $28.00 price target (down from $49.00) on shares of Legend Biotech in a research report on Monday, July 27th. Eight research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $52.57.

Legend Biotech Stock Down 3.8%

Shares of NASDAQ LEGN traded down $0.84 during trading hours on Wednesday, hitting $20.99. The company had a trading volume of 222,918 shares, compared to its average volume of 2,499,674. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $38.35. The firm’s 50 day moving average is $26.68 and its 200-day moving average is $23.15. The stock has a market capitalization of $3.90 billion, a P/E ratio of -31.07 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The business had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. During the same period in the previous year, the company earned $0.03 earnings per share. The firm’s revenue for the quarter was up 51.9% on a year-over-year basis. On average, sell-side analysts predict that Legend Biotech will post -0.01 earnings per share for the current year.

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the transaction, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its position in Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after acquiring an additional 662 shares during the last quarter. Clearstead Advisors LLC grew its position in shares of Legend Biotech by 310.7% in the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after purchasing an additional 2,632 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Legend Biotech by 1,730.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after purchasing an additional 3,374 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Legend Biotech during the second quarter worth approximately $78,000. Finally, IFM Investors Pty Ltd bought a new position in shares of Legend Biotech during the first quarter worth approximately $81,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Key Stories Impacting Legend Biotech

Here are the key news stories impacting Legend Biotech this week:

• Positive Sentiment: Legend Biotech reported second-quarter EPS of $0.09, exceeding the $0.07 analyst consensus. Revenue reached $387.5 million, ahead of the $355.96 million estimate and up 51.9% year over year, providing evidence of continued commercial momentum. Legend Biotech earnings report
• Positive Sentiment: Coverage highlighted adjusted EPS that was approximately double consensus expectations and the company’s first quarter of company-wide profitability, strengthening the investment case for operating leverage as sales grow. Legend Biotech gains on earnings beat
• Positive Sentiment: Analysts set a reported price target of $55.29 for Legend Biotech, substantially above the stock’s recent trading level. The target signals considerable potential upside if Carvykti growth and the company’s profitability trajectory continue. Analysts set Legend Biotech price target
• Neutral Sentiment: Investor attention remains focused on Carvykti demand, manufacturing capacity and management’s outlook, which will determine whether the latest revenue growth can be sustained. Legend Biotech Carvykti earnings preview
• Neutral Sentiment: A report showing zero shares sold short and a zero-day short-interest ratio appears inconsistent with normal market data, limiting its usefulness as a signal for trading sentiment.

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.