Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Has Consensus Target Price of $54.69 According to Analysts

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have received a consensus rating of “Moderate Buy” from the fifteen ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $54.69.

Several brokerages recently commented on LEGN. Oppenheimer lowered Legend Biotech from an “outperform” rating to a “market perform” rating and cut their target price for the company from $75.00 to $40.00 in a research report on Wednesday, August 12th. Royal Bank Of Canada decreased their target price on Legend Biotech from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, October 8th. Barclays lowered their target price on Legend Biotech from $74.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. Raymond James Financial reissued an “outperform” rating and issued a $58.00 price target on shares of Legend Biotech in a research note on Monday, July 27th. Finally, Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday.

Legend Biotech Stock Up 1.9%

Shares of NASDAQ LEGN opened at $19.01 on Wednesday. The company has a market capitalization of $3.68 billion, a PE ratio of -76.04 and a beta of 0.57. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $37.50. The firm has a fifty day simple moving average of $19.63 and a 200 day simple moving average of $23.66.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $387.50 million for the quarter, compared to analysts’ expectations of $355.96 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The business’s quarterly revenue was up 51.9% compared to the same quarter last year. As a group, equities analysts expect that Legend Biotech will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Legend Biotech

In other news, CFO Carlos Santos sold 5,430 shares of Legend Biotech 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 $130,208.44. The trade was a 27.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the business’s stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the transaction, the director owned 52,731 shares in the company, valued at $498,835.26. The trade was a 34.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. increased its stake in Legend Biotech by 39.0% in the third quarter. Vontobel Holding Ltd. now owns 17,526 shares of the company’s stock valued at $349,000 after purchasing an additional 4,915 shares in the last quarter. Toth Financial Advisory Corp bought a new position in shares of Legend Biotech during the 3rd quarter worth about $50,000. Tidal Investments LLC boosted its position in shares of Legend Biotech by 34.0% during the 2nd quarter. Tidal Investments LLC now owns 240,476 shares of the company’s stock worth $6,945,000 after purchasing an additional 61,023 shares in the last quarter. Squarepoint Ops LLC boosted its position 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 purchasing an additional 289,772 shares in the last quarter. Finally, Nykredit A S acquired a new stake in shares of Legend Biotech in the 2nd quarter valued at about $162,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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. The company’s primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient’s immune cells to recognize and attack cancer cells.

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