Legend Biotech (NASDAQ:LEGN) Price Target Lowered to $59.00 at Royal Bank Of Canada

Legend Biotech (NASDAQ:LEGN) had its price objective trimmed by Royal Bank Of Canada from $63.00 to $59.00 in a research note released on Monday morning, Marketbeat.com reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also weighed in on LEGN. TD Cowen increased their price objective on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a research note on Thursday, July 16th. JPMorgan Chase & Co. assumed coverage on Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 target price for the company. Morgan Stanley dropped their price target on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Finally, Weiss Ratings downgraded Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 10th. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.29.

Legend Biotech Price Performance

Legend Biotech stock opened at $19.27 on Monday. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $43.71. The company has a fifty day moving average price of $28.72 and a two-hundred day moving average price of $23.39. The company has a market cap of $3.58 billion, a PE ratio of -28.34 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The business had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. During the same period last year, the company posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 56.5% on a year-over-year basis. Equities research analysts anticipate that Legend Biotech will post -0.01 earnings per share for the current year.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer owned 241,872 shares in the company, valued at approximately $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of LEGN. Assenagon Asset Management S.A. bought a new position in Legend Biotech in the 2nd quarter valued at about $55,307,000. Avior Wealth Management LLC bought a new stake in Legend Biotech during the second quarter worth approximately $235,000. Parallel Advisors LLC grew its position in Legend Biotech by 173.9% in the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after buying an additional 1,323 shares during the last quarter. Avidity Partners Management LP acquired a new position in Legend Biotech in the first quarter worth approximately $271,000. Finally, ADAR1 Capital Management LLC bought a new position in shares of Legend Biotech in the first quarter valued at $362,000. Institutional investors own 70.89% of the company’s stock.

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.