Legend Biotech (NASDAQ:LEGN) Stock Bumped Down to “In-Line” by Evercore

Legend Biotech (NASDAQ:LEGN) was downgraded by research analysts at Evercore from an “outperform” rating to an “in-line” rating in a research note issued to investors on Friday, Briefing.com reports.

A number of other equities analysts also recently weighed in on the stock. TD Cowen cut their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. Benchmark restated a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. HC Wainwright reaffirmed a “buy” rating on shares of Legend Biotech in a research report on Friday, October 30th. Raymond James Financial reiterated an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a research note on Monday, July 27th. Finally, Royal Bank Of Canada reduced their target price on shares of Legend Biotech from $56.00 to $50.00 and set an “outperform” rating for the company in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

Legend Biotech Stock Down 4.0%

NASDAQ:LEGN traded down $0.74 during trading hours on Friday, reaching $17.80. The company had a trading volume of 2,005,861 shares, compared to its average volume of 2,427,270. The business’s 50-day simple moving average is $19.66 and its two-hundred day simple moving average is $22.12. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of -1,776.72 and a beta of 0.55. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $37.50.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, November 10th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.13. Legend Biotech had a negative net margin of 0.02% and a negative return on equity of 0.03%. The firm had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $361.46 million. During the same period last year, the company earned ($0.05) earnings per share. The business’s revenue was up 32.0% on a year-over-year basis. As a group, equities analysts predict that Legend Biotech will post -0.08 earnings per share for the current year.

Insider Activity

In other news, CFO Carlos E. Santos sold 5,430 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the sale, the chief financial officer owned 14,246 shares of the company’s stock, valued at $130,208.44. The trade was a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the sale, the director owned 52,731 shares in the company, valued at $498,835.26. The trade was a 34.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in shares of Legend Biotech by 5.8% in the first quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company’s stock valued at $188,000 after purchasing an additional 570 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in Legend Biotech by 3.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 26,789 shares of the company’s stock worth $533,000 after purchasing an additional 1,000 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Legend Biotech by 173.9% during 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 in the last quarter. Asset Management One Co. Ltd. boosted its stake in Legend Biotech by 20.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 12,782 shares of the company’s stock worth $254,000 after purchasing an additional 2,207 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its stake in Legend Biotech by 11.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 23,892 shares of the company’s stock worth $475,000 after purchasing an additional 2,406 shares during the period. 70.89% of the stock is owned by institutional investors.

Legend Biotech Company Profile

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.