Legend Biotech (NASDAQ:LEGN) Stock Rating Lowered by Zacks Investment Research

Legend Biotech (NASDAQ:LEGN – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Legend Biotech Corporation is a clinical-stage biopharmaceutical company. It engaged in the discovery and development of novel cell therapies for oncology and other indications. The company’s lead product consist LCAR-B38M/JNJ-4528, which are in clinical stage. Legend Biotech Corporation is based in Cayman Islands. “

Several other equities analysts also recently weighed in on LEGN. BTIG Research raised their price target on Legend Biotech from $65.00 to $75.00 in a report on Tuesday, March 1st. Morgan Stanley lifted their price objective on Legend Biotech from $51.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, March 7th. Finally, Barclays started coverage on Legend Biotech in a report on Tuesday, March 15th. They issued an “overweight” rating and a $53.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech presently has an average rating of “Buy” and a consensus target price of $59.00.

Shares of NASDAQ:LEGN opened at $40.98 on Wednesday. Legend Biotech has a 1-year low of $27.71 and a 1-year high of $58.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.39 and a quick ratio of 3.38. The firm’s fifty day moving average is $38.43. The company has a market capitalization of $6.32 billion, a P/E ratio of -30.13 and a beta of -0.10.

Legend Biotech (NASDAQ:LEGN – Get Rating) last issued its quarterly earnings results on Friday, March 18th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.03). Legend Biotech had a negative net margin of 429.40% and a negative return on equity of 131.45%. The company had revenue of $39.00 million for the quarter, compared to the consensus estimate of $13.23 million. On average, analysts expect that Legend Biotech will post -1.63 EPS for the current year.

A number of large investors have recently made changes to their positions in LEGN. Wells Fargo & Company MN purchased a new position in Legend Biotech in the fourth quarter worth about $62,000. Rockefeller Capital Management L.P. purchased a new position in Legend Biotech in the third quarter worth about $75,000. Ensign Peak Advisors Inc purchased a new position in Legend Biotech in the fourth quarter worth about $89,000. Daiwa Securities Group Inc. boosted its position in Legend Biotech by 2,373.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 2,696 shares of the company’s stock worth $126,000 after purchasing an additional 2,587 shares during the last quarter. Finally, AlphaCentric Advisors LLC purchased a new position in Legend Biotech in the fourth quarter worth about $140,000.

Legend Biotech Company Profile (Get Rating)

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma.

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