Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Has Average Target Price of $53.14 According to Analysts

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have received an average rating of “Moderate Buy” from the fifteen analysts that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $55.79.

LEGN has been the topic of a number of research reports. Barclays decreased their price objective on Legend Biotech from $78.00 to $74.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a report on Monday. JPMorgan Chase & Co. initiated coverage on Legend Biotech in a research note on Monday, July 13th. They issued a “neutral” rating and a $35.00 price target for the company. Finally, Oppenheimer downgraded shares of Legend Biotech from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $75.00 to $40.00 in a research report on Wednesday, August 12th.

Insider Buying and Selling at Legend Biotech

In other news, CFO Carlos Santos sold 5,430 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the transaction, the chief financial officer directly owned 14,246 shares in the company, valued at $130,208.44. This trade represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

Several institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership raised its stake in Legend Biotech by 343.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after buying an additional 315,176 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Legend Biotech in the first quarter valued at $4,039,000. Renaissance Technologies LLC boosted its position in Legend Biotech by 29.5% during the first quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after acquiring an additional 119,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Legend Biotech during the second quarter valued at $55,307,000. Finally, Wellington Management Group LLP acquired a new stake in Legend Biotech during the 2nd quarter worth about $2,369,000. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Trading Down 2.6%

Shares of NASDAQ LEGN opened at $18.62 on Friday. The company has a market capitalization of $3.61 billion, a P/E ratio of -74.48 and a beta of 0.40. The stock has a 50 day moving average of $20.16 and a 200-day moving average of $23.58. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $37.50.

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

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company’s work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient’s immune system to recognize and attack cancer cells.

Legend Biotech’s lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.