Legend Biotech (NASDAQ:LEGN) Stock Rating Lowered by Truist Financial

Legend Biotech (NASDAQ:LEGN) was downgraded by Truist Financial from a “strong-buy” rating to a “hold” rating in a report released on Friday,Zacks.com reports.

LEGN has been the subject of several other reports. Jefferies Financial Group reiterated a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a research note on Tuesday, March 10th. Barclays reduced their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a research report on Thursday, February 12th. HC Wainwright lowered their price target on Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada cut their price objective on Legend Biotech from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 11th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.31.

Legend Biotech Price Performance

Shares of LEGN stock opened at $17.41 on Friday. The company has a market capitalization of $3.22 billion, a PE ratio of -21.76 and a beta of 0.07. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $45.30. The firm’s 50-day moving average is $18.98 and its two-hundred day moving average is $25.64.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, March 10th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The firm had revenue of $306.30 million during the quarter, compared to the consensus estimate of $310.21 million. During the same period last year, the firm posted $0.07 EPS. The firm’s revenue for the quarter was up 64.2% on a year-over-year basis. Sell-side analysts forecast that Legend Biotech will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its stake in shares of Legend Biotech by 41.1% during the second quarter. PNC Financial Services Group Inc. now owns 6,936 shares of the company’s stock valued at $246,000 after purchasing an additional 2,020 shares in the last quarter. Creative Planning increased its stake in Legend Biotech by 234.3% during the 2nd quarter. Creative Planning now owns 43,308 shares of the company’s stock valued at $1,537,000 after buying an additional 30,354 shares during the period. DNB Asset Management AS bought a new stake in shares of Legend Biotech during the 2nd quarter worth about $241,000. Franklin Resources Inc. raised its position in shares of Legend Biotech by 10.5% during the 2nd quarter. Franklin Resources Inc. now owns 286,500 shares of the company’s stock worth $10,168,000 after buying an additional 27,148 shares in the last quarter. Finally, CenterBook Partners LP lifted its stake in shares of Legend Biotech by 41.1% in the 2nd quarter. CenterBook Partners LP now owns 105,668 shares of the company’s stock worth $3,750,000 after acquiring an additional 30,789 shares during the period. 70.89% of the stock is currently owned by institutional investors.

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.