Barclays Lowers Legend Biotech (NASDAQ:LEGN) Price Target to $80.00

Legend Biotech (NASDAQ:LEGN) had its price objective dropped by Barclays from $90.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 379.04% from the company’s current price.

A number of other equities analysts also recently weighed in on LEGN. Jefferies Financial Group set a $21.00 target price on Legend Biotech in a research note on Thursday, January 22nd. Oppenheimer started coverage on Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $66.00 price objective on shares of Legend Biotech in a research note on Tuesday, January 20th. Johnson Rice set a $60.00 target price on Legend Biotech in a research note on Friday, October 17th. Finally, JPMorgan Chase & Co. reduced their price target 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. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average price target of $57.67.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $16.70 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The firm has a 50-day moving average of $22.01 and a 200-day moving average of $29.92. Legend Biotech has a one year low of $16.24 and a one year high of $45.30. The company has a market cap of $3.08 billion, a P/E ratio of -25.69 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last released its quarterly 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 24.47%. The business had revenue of $272.33 million for the quarter, compared to analysts’ expectations of $277.91 million. During the same period in the previous year, the company earned ($0.34) earnings per share. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. Equities research analysts forecast that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LEGN. Vontobel Holding Ltd. bought a new position in Legend Biotech during the second quarter worth about $382,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Legend Biotech during the 2nd quarter valued at approximately $219,000. TD Asset Management Inc boosted its holdings in Legend Biotech by 9.8% in the 2nd quarter. TD Asset Management Inc now owns 103,392 shares of the company’s stock worth $3,669,000 after buying an additional 9,200 shares during the period. Allianz Asset Management GmbH bought a new position in Legend Biotech in the 2nd quarter worth approximately $458,000. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Legend Biotech in the 2nd quarter valued at approximately $723,000. 70.89% of the stock is currently owned by institutional investors.

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.