Legend Biotech (NASDAQ:LEGN) Stock Rating Upgraded by Truist Financial

Legend Biotech (NASDAQ:LEGN) was upgraded by Truist Financial from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on LEGN. Weiss Ratings reissued a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. Royal Bank Of Canada reduced their price objective on Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday. TD Cowen restated a “hold” rating and set a $21.00 target price (down from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. UBS Group reduced their price target on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Finally, Morgan Stanley decreased their price target on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.31.

Legend Biotech Trading Down 2.6%

Shares of LEGN stock traded down $0.50 on Tuesday, reaching $18.55. 457,203 shares of the stock were exchanged, compared to its average volume of 2,516,483. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $45.30. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -23.14 and a beta of 0.07. The business’s 50 day moving average price is $19.42 and its 200 day moving average price is $26.38.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly 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. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The company had revenue of $306.30 million during the quarter, compared to the consensus estimate of $310.21 million. During the same period in the previous year, the business earned $0.07 EPS. Legend Biotech’s revenue for the quarter was up 64.2% on a year-over-year basis. Equities research analysts forecast that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of LEGN. Clearstead Advisors LLC raised its holdings in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC boosted its position in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares during the last quarter. OFI Invest Asset Management increased its position in shares of Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Legend Biotech by 1,730.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after buying an additional 3,374 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Legend Biotech during the second quarter worth about $78,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.