Barclays Issues Pessimistic Forecast for Legend Biotech (NASDAQ:LEGN) Stock Price

Legend Biotech (NASDAQ:LEGN) had its price objective decreased by equities researchers at Barclays from $94.00 to $90.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 197.13% from the stock’s previous close.

A number of other research analysts have also weighed in on LEGN. Morgan Stanley lifted their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Legend Biotech in a report on Wednesday, October 8th. HC Wainwright reduced their price target on Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 17th. JPMorgan Chase & Co. decreased their price objective on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Finally, Johnson Rice set a $60.00 target price on Legend Biotech in a research note on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $72.10.

Legend Biotech Trading Down 2.3%

Shares of Legend Biotech stock opened at $30.29 on Thursday. The stock has a market capitalization of $5.59 billion, a P/E ratio of -46.60 and a beta of 0.17. Legend Biotech has a 52-week low of $27.34 and a 52-week high of $45.30. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71. The stock’s 50-day simple moving average is $32.64 and its 200 day simple moving average is $34.32.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.35%. The firm had revenue of $272.33 million during the quarter, compared to the consensus estimate of $277.91 million. During the same quarter last year, the company earned ($0.34) earnings per share. The company’s revenue was up 70.0% on a year-over-year basis. As a group, research analysts anticipate that Legend Biotech will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Clearstead Advisors LLC lifted its position in Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the last quarter. OFI Invest Asset Management raised its position in shares of Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after buying an additional 622 shares in the last quarter. Quarry LP bought a new stake in shares of Legend Biotech during the 1st quarter worth $48,000. Finally, Brooklyn Investment Group lifted its holdings in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after acquiring an additional 1,583 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

About Legend Biotech

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization 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).