Truist Financial Downgrades Legend Biotech (NASDAQ:LEGN) to Hold

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

Other equities research analysts have also issued research reports about the company. Oppenheimer initiated coverage on Legend Biotech in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 target price for the company. Cantor Fitzgerald decreased their price target on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Jefferies Financial Group set a $21.00 price objective on Legend Biotech in a research report on Thursday, January 22nd. UBS Group cut their target price on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, December 8th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Legend Biotech in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $55.08.

Legend Biotech Stock Performance

Legend Biotech stock opened at $19.50 on Monday. The firm has a fifty day simple moving average of $20.19 and a two-hundred day simple moving average of $27.73. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $45.30. The company has a market capitalization of $3.60 billion, a PE ratio of -30.00 and a beta of 0.10.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clearstead Advisors LLC boosted its holdings in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares in the last quarter. Parallel Advisors LLC lifted its position 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 purchasing an additional 662 shares during the period. OFI Invest Asset Management boosted its stake 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 purchasing an additional 622 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after purchasing an additional 1,890 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Legend Biotech during the second quarter valued at about $78,000. 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.