Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Has Consensus Price Target of $54.69 According to Brokerages

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received an average recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $54.69.

Several equities analysts have recently weighed in on the company. Royal Bank Of Canada cut their target price on Legend Biotech from $58.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 8th. TD Cowen lowered their price target on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, August 12th. Barclays dropped their price objective on shares of Legend Biotech from $74.00 to $68.00 and set an “overweight” rating for the company in a research note on Tuesday, October 13th. UBS Group restated a “buy” rating and set a $65.00 target price on shares of Legend Biotech in a research report on Monday, September 28th. Finally, Oppenheimer downgraded Legend Biotech from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $75.00 to $40.00 in a report on Wednesday, August 12th.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $19.27 on Wednesday. The business’s 50 day moving average is $19.54 and its two-hundred day moving average is $23.65. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $37.50. The stock has a market capitalization of $3.73 billion, a P/E ratio of -77.08 and a beta of 0.57.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. The company’s quarterly revenue was up 51.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. As a group, equities research analysts anticipate that Legend Biotech will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Carlos E. Santos sold 5,430 shares of the business’s stock in a transaction on Monday, September 21st. The shares were sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the sale, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at approximately $130,208.44. The trade was a 27.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the transaction, the director owned 52,731 shares in the company, valued at approximately $498,835.26. The trade was a 34.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. grew its stake in Legend Biotech by 39.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 17,526 shares of the company’s stock worth $349,000 after acquiring an additional 4,915 shares in the last quarter. Toth Financial Advisory Corp purchased a new stake in shares of Legend Biotech in the third quarter valued at approximately $50,000. Tidal Investments LLC boosted its holdings in shares of Legend Biotech by 34.0% in the second quarter. Tidal Investments LLC now owns 240,476 shares of the company’s stock valued at $6,945,000 after purchasing an additional 61,023 shares during the period. Squarepoint Ops LLC grew its stake in Legend Biotech by 60.4% in the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock worth $22,216,000 after purchasing an additional 289,772 shares in the last quarter. Finally, Nykredit A S bought a new position in Legend Biotech in the second quarter worth approximately $162,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

About Legend Biotech

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. The company’s primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient’s immune cells to recognize and attack cancer cells.

Legend Biotech’s leading product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.