Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $55.08 Consensus Price Target from Analysts

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been given an average recommendation of “Moderate Buy” by the fifteen brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $58.3077.

Several equities research analysts recently commented on LEGN shares. Royal Bank Of Canada cut their price objective on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday. Barclays lowered their target price on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. Morgan Stanley cut their price target on Legend Biotech from $50.00 to $49.00 and set an “overweight” rating on the stock in a report on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a research report on Tuesday. Finally, UBS Group decreased their price objective on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a report on Monday, December 8th.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $19.05 on Tuesday. The firm has a 50 day simple moving average of $19.42 and a 200 day simple moving average of $26.38. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The firm has a market cap of $3.52 billion, a P/E ratio of -23.81 and a beta of 0.07.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 10th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18. The firm had revenue of $306.30 million for the quarter, compared to the consensus estimate of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The business’s revenue for the quarter was up 64.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.07 EPS. On average, sell-side analysts expect that Legend Biotech will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Resona Asset Management Co. Ltd. boosted its holdings in Legend Biotech by 25.5% during the second quarter. Resona Asset Management Co. Ltd. now owns 21,901 shares of the company’s stock worth $775,000 after purchasing an additional 4,451 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Legend Biotech by 34.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 74,751 shares of the company’s stock valued at $2,653,000 after buying an additional 19,141 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Legend Biotech in the 2nd quarter valued at $721,000. PNC Financial Services Group Inc. lifted its position in Legend Biotech by 41.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,936 shares of the company’s stock worth $246,000 after buying an additional 2,020 shares in the last quarter. Finally, Candriam S.C.A. lifted its position in Legend Biotech by 18.0% during the 2nd quarter. Candriam S.C.A. now owns 261,815 shares of the company’s stock worth $9,292,000 after buying an additional 39,983 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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.