Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have earned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $60.2308.

LEGN has been the topic of several research reports. HC Wainwright upped their price target on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. TD Cowen increased their target price on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 3rd. Royal Bank Of Canada increased their price objective on shares of Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Finally, UBS Group raised their target price on shares of Legend Biotech from $31.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd.

Insider Activity

In other news, CEO Ying Huang sold 9,936 shares of the company’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares in the company, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LEGN. Suvretta Capital Management LLC increased its stake in shares of Legend Biotech by 73.1% in the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after purchasing an additional 2,790,620 shares during the period. Westfield Capital Management Co. LP raised its stake in Legend Biotech by 1.2% during 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 acquiring an additional 70,191 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after acquiring an additional 425,684 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Legend Biotech by 120.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock worth $47,274,000 after purchasing an additional 1,188,449 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Legend Biotech by 4.6% in the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after purchasing an additional 72,371 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Price Performance

LEGN opened at $33.52 on Thursday. The stock has a market capitalization of $6.23 billion, a PE ratio of -49.29 and a beta of 0.35. The firm’s fifty day moving average price is $27.27 and its 200 day moving average price is $22.78. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same quarter last year, the business posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 56.5% on a year-over-year basis. On average, equities research analysts forecast that Legend Biotech will post 0.05 earnings per share for the current fiscal 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.