Legend Biotech (NASDAQ:LEGN) Stock Gets Price Target Cut from Royal Bank Of Canada

Legend Biotech (NASDAQ:LEGN) had its target price lowered by Royal Bank Of Canada from $58.00 to $56.00 in a research note issued to investors on Thursday morning, Marketbeat.com reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Other analysts have also recently issued reports about the company. HC Wainwright reissued a “buy” rating and issued a $65.00 target price on shares of Legend Biotech in a research report on Monday, September 28th. Morgan Stanley set a $65.00 price objective on Legend Biotech in a research note on Friday, September 4th. UBS Group reissued a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a report on Monday, September 28th. TD Cowen lowered their target price on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus target price of $55.50.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $18.62 on Thursday. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $37.50. The firm has a market capitalization of $3.61 billion, a P/E ratio of -74.48 and a beta of 0.57. The company’s fifty day moving average price is $19.81 and its 200 day moving average price is $23.56.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The company had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Legend Biotech’s revenue for the quarter was up 51.9% on a year-over-year basis. On average, sell-side analysts anticipate that Legend Biotech will post -0.09 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Carlos E. Santos sold 5,430 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer owned 14,246 shares in the company, valued at approximately $130,208.44. This trade represents a 27.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of Legend Biotech stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the sale, the director directly owned 52,731 shares in the company, valued at approximately $498,835.26. The trade was a 34.17% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently added to or reduced their stakes in LEGN. Assenagon Asset Management S.A. purchased a new stake in Legend Biotech in the 2nd quarter valued at approximately $55,307,000. Arrowstreet Capital Limited Partnership increased its position in Legend Biotech by 343.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after purchasing an additional 315,176 shares during the period. Squarepoint Ops LLC raised its stake in shares of Legend Biotech by 60.4% during the 2nd quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock worth $22,216,000 after buying an additional 289,772 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Legend Biotech during the 1st quarter worth approximately $4,039,000. Finally, Sei Investments Co. lifted its holdings in shares of Legend Biotech by 215.4% in the 1st quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock valued at $5,878,000 after buying an additional 221,899 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company’s leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.