Analysts Set Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) PT at $58.31

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been assigned an average rating of “Moderate Buy” from the fifteen analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $58.3077.

LEGN has been the subject of several recent analyst reports. Rothschild & Co Redburn lowered shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price for the company. in a research note on Thursday, February 12th. Cantor Fitzgerald reduced their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Oppenheimer initiated coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price target for the company. Barclays reduced their price target on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Finally, Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd.

Legend Biotech Price Performance

NASDAQ LEGN opened at $18.68 on Friday. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $45.30. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of -23.35 and a beta of 0.08. The company has a fifty day moving average price of $18.18 and a 200-day moving average price of $24.29.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The firm had revenue of $306.30 million during the quarter, compared to analyst estimates of $310.21 million. During the same quarter in the prior year, the business posted $0.07 EPS. The business’s revenue was up 64.2% compared to the same quarter last year. On average, research analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ying Huang sold 9,936 shares of the 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently added to or reduced their stakes in the stock. Rakuten Investment Management Inc. purchased a new stake in Legend Biotech during the third quarter valued at about $7,581,000. Mutual of America Capital Management LLC purchased a new stake in Legend Biotech during the third quarter valued at about $2,691,000. New York State Common Retirement Fund lifted its holdings in Legend Biotech by 100.4% during the second quarter. New York State Common Retirement Fund now owns 118,774 shares of the company’s stock valued at $4,215,000 after purchasing an additional 59,498 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in Legend Biotech by 77.6% during the second quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock valued at $5,277,000 after purchasing an additional 64,956 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in Legend Biotech by 20.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

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.