Legend Biotech (NASDAQ:LEGN) Price Target Cut to $80.00 by Analysts at Barclays

Legend Biotech (NASDAQ:LEGN) had its price objective cut by Barclays from $90.00 to $80.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also commented on LEGN. UBS Group decreased their price objective on Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, December 8th. JPMorgan Chase & Co. cut their price objective on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Oppenheimer began coverage on shares of Legend Biotech in a research note on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price objective on the stock. Johnson Rice set a $60.00 target price on shares of Legend Biotech in a research note on Friday, October 17th. Finally, Morgan Stanley reduced their price target on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.67.

Legend Biotech Trading Down 0.1%

NASDAQ LEGN opened at $16.65 on Wednesday. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average price of $22.23 and a 200 day moving average price of $30.02. The stock has a market capitalization of $3.08 billion, a P/E ratio of -25.61 and a beta of 0.10. Legend Biotech has a 52-week low of $16.24 and a 52-week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $272.33 million during the quarter, compared to the consensus estimate of $277.91 million. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business’s revenue was up 70.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.34) EPS. Equities research analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds have recently made changes to their positions in the business. Clearstead Advisors LLC raised its position in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after acquiring an additional 367 shares in the last quarter. OFI Invest Asset Management raised its holdings in shares of Legend Biotech by 102.6% in the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after purchasing an additional 622 shares in the last quarter. Parallel Advisors LLC lifted its stake in Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after purchasing an additional 662 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Legend Biotech by 31.0% during the third quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock worth $124,000 after buying an additional 900 shares in the last quarter. Finally, Quantbot Technologies LP grew its position in Legend Biotech by 5.4% in the second quarter. Quantbot Technologies LP now owns 17,615 shares of the company’s stock worth $625,000 after buying an additional 906 shares during the last quarter. Hedge funds and other institutional investors 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.