Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Consensus Recommendation of “Hold” from Analysts

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been assigned a consensus rating of “Hold” from the fifteen research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $52.2857.

Several research analysts have weighed in on the company. Oppenheimer downgraded Legend Biotech from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $75.00 to $40.00 in a research note on Wednesday, August 12th. JPMorgan Chase & Co. started coverage on Legend Biotech in a research note on Monday, July 13th. They set a “neutral” rating and a $35.00 price target on the stock. Royal Bank Of Canada reduced their target price on Legend Biotech from $59.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Weiss Ratings lowered shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 18th. Finally, Benchmark reiterated a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th.

Insider Activity at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Suvretta Capital Management LLC boosted its stake in Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after buying an additional 2,790,620 shares during the period. Westfield Capital Management Co. LP raised its position in Legend Biotech by 1.2% in 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 purchasing an additional 70,191 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Legend Biotech by 120.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after purchasing an additional 1,188,449 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Legend Biotech in the second quarter valued at $55,307,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Legend Biotech by 4.6% in 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 and hedge funds.

Legend Biotech Stock Performance

Shares of LEGN opened at $20.78 on Tuesday. The firm’s 50-day simple moving average is $23.31 and its two-hundred day simple moving average is $23.47. The stock has a market cap of $4.03 billion, a PE ratio of -83.12 and a beta of 0.37. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $37.50.

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. The business had revenue of $387.50 million during the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.Legend Biotech’s revenue was up 51.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 EPS. Equities research analysts predict that Legend Biotech will post -0.05 EPS 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.