Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $55.08 Consensus Target Price from Analysts

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has earned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $58.3077.

A number of research analysts recently weighed in on the company. Raymond James Financial reaffirmed an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Morgan Stanley reduced their target price on Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Wednesday, March 11th. Cantor Fitzgerald decreased their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. UBS Group lowered their price target on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, December 8th. Finally, HC Wainwright reduced their price objective on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, January 22nd.

Legend Biotech Stock Up 1.9%

Shares of NASDAQ:LEGN opened at $19.10 on Tuesday. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $45.30. The company has a 50-day moving average price of $19.34 and a 200 day moving average price of $26.04. The company has a market cap of $3.53 billion, a P/E ratio of -23.88 and a beta of 0.07.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.18. The business had revenue of $306.30 million during the quarter, compared to the consensus estimate of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The company’s revenue for the quarter was up 64.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS. Analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. boosted its stake in shares of 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 acquiring an additional 4,451 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Legend Biotech by 34.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 74,751 shares of the company’s stock valued at $2,653,000 after purchasing an additional 19,141 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Legend Biotech during the second quarter worth $721,000. PNC Financial Services Group Inc. raised its holdings in Legend Biotech by 41.1% during the second quarter. PNC Financial Services Group Inc. now owns 6,936 shares of the company’s stock worth $246,000 after purchasing an additional 2,020 shares during the last quarter. Finally, Candriam S.C.A. boosted its position in Legend Biotech by 18.0% during the second quarter. Candriam S.C.A. now owns 261,815 shares of the company’s stock worth $9,292,000 after purchasing an additional 39,983 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

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.