Legend Biotech (NASDAQ:LEGN) Lowered to Hold Rating by Truist Financial

Legend Biotech (NASDAQ:LEGN) was downgraded by analysts at Truist Financial from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Barclays decreased their target price on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. Oppenheimer initiated coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective on the stock. Jefferies Financial Group set a $21.00 price objective on Legend Biotech in a report on Thursday, January 22nd. Finally, Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research note on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $55.08.

Legend Biotech Price Performance

LEGN stock opened at $19.75 on Monday. The business’s 50-day moving average is $20.23 and its two-hundred day moving average is $27.85. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The firm has a market capitalization of $3.65 billion, a P/E ratio of -30.38 and a beta of 0.10. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $45.30.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH acquired a new stake in shares of Legend Biotech during the 2nd quarter worth about $458,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Legend Biotech during the 2nd quarter valued at $723,000. Hantz Financial Services Inc. increased its stake in Legend Biotech by 913.0% during the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after acquiring an additional 1,890 shares during the last quarter. Resona Asset Management Co. Ltd. increased its position in Legend Biotech by 25.5% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 21,901 shares of the company’s stock worth $775,000 after purchasing an additional 4,451 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Legend Biotech by 34.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 74,751 shares of the company’s stock worth $2,653,000 after acquiring an additional 19,141 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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.