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

Legend Biotech (NASDAQ:LEGN) had its price target cut by Royal Bank Of Canada from $59.00 to $58.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts also recently issued reports about the company. UBS Group restated a “neutral” rating and set a $28.00 price objective (down from $49.00) on shares of Legend Biotech in a report on Monday, July 27th. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. HC Wainwright restated a “buy” rating and issued a $65.00 price target on shares of Legend Biotech in a report on Tuesday, July 28th. TD Cowen upped their price target on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 30th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $52.29.

Legend Biotech Price Performance

Legend Biotech stock opened at $20.37 on Wednesday. The firm has a market capitalization of $3.78 billion, a P/E ratio of -81.48 and a beta of 0.37. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $38.35. The company’s 50-day moving average is $25.85 and its 200 day moving average is $23.15.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to analysts’ expectations of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The company’s quarterly revenue was up 51.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Research analysts anticipate that Legend Biotech will post 0.01 earnings per share for the current fiscal year.

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the sale, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Legend Biotech

A number of large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new stake in Legend Biotech during the 2nd quarter valued at about $55,307,000. Avior Wealth Management LLC purchased a new stake in Legend Biotech during the second quarter worth $235,000. Parallel Advisors LLC raised its holdings in Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after purchasing an additional 1,323 shares during the period. Avidity Partners Management LP purchased a new position in Legend Biotech during the first quarter valued at $271,000. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Legend Biotech in the first quarter worth approximately $362,000. 70.89% of the stock is owned by institutional investors and hedge funds.

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.