Legend Biotech (NASDAQ:LEGN) Downgraded by Rothschild & Co Redburn to “Neutral”

Rothschild & Co Redburn downgraded shares of Legend Biotech (NASDAQ:LEGN) from a buy rating to a neutral rating in a research note published on Thursday, Marketbeat reports. They currently have $24.00 price objective on the stock.

A number of other brokerages also recently issued reports on LEGN. Johnson Rice set a $60.00 price target on shares of Legend Biotech in a report on Friday, October 17th. Cantor Fitzgerald decreased their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. Morgan Stanley lowered their target price on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. TD Cowen restated a “hold” rating and set a $21.00 price target (down from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. Finally, UBS Group dropped their price objective on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and an average price target of $55.08.

Legend Biotech Trading Down 2.6%

NASDAQ:LEGN opened at $18.06 on Thursday. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $45.30. The stock’s fifty day moving average price is $21.05 and its two-hundred day moving average price is $29.03. 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 company has a market cap of $3.34 billion, a P/E ratio of -27.78 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The company had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. During the same period in the previous year, the company posted ($0.34) EPS. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. As a group, analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently added to or reduced their stakes in LEGN. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Legend Biotech in the 2nd quarter worth about $219,000. TD Asset Management Inc raised its holdings in shares of Legend Biotech by 9.8% during the 2nd quarter. TD Asset Management Inc now owns 103,392 shares of the company’s stock valued at $3,669,000 after buying an additional 9,200 shares in the last quarter. Allianz Asset Management GmbH bought a new stake in Legend Biotech in the 2nd quarter worth approximately $458,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Legend Biotech in the second quarter worth approximately $723,000. Finally, Hantz Financial Services Inc. boosted its stake in Legend Biotech by 913.0% in the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after buying an additional 1,890 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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.