Legend Biotech (NASDAQ:LEGN) Stock Gets Price Target Reduction from Morgan Stanley

Legend Biotech (NASDAQ:LEGN) had its price objective trimmed by Morgan Stanley from $49.00 to $43.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages also recently commented on LEGN. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a research report on Friday, October 30th. TD Cowen cut their target price on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, August 12th. Benchmark reissued a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Royal Bank Of Canada reduced their target price on Legend Biotech from $56.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a research report on Monday, July 27th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.85.

Legend Biotech Stock Down 5.6%

LEGN opened at $17.50 on Wednesday. The business has a fifty day simple moving average of $19.57 and a 200-day simple moving average of $22.12. The firm has a market cap of $3.39 billion, a PE ratio of -1,748.25 and a beta of 0.55. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $37.50.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 10th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.13. Legend Biotech had a negative net margin of 0.02% and a negative return on equity of 0.03%. The company had revenue of $359.50 million during the quarter, compared to analyst estimates of $361.46 million. During the same period in the prior year, the firm earned ($0.05) earnings per share. The business’s quarterly revenue was up 32.0% on a year-over-year basis. On average, equities research analysts anticipate that Legend Biotech will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other Legend Biotech news, CFO Carlos Santos sold 5,430 shares of Legend Biotech stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $9.14, for a total value of $49,630.20. Following the transaction, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. The trade was a 27.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total value of $258,920.20. Following the transaction, the director owned 52,731 shares of the company’s stock, valued at approximately $498,835.26. This trade represents a 34.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC grew its position in Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after purchasing an additional 1,323 shares during the last quarter. Toth Financial Advisory Corp acquired a new position in shares of Legend Biotech during the third quarter valued at about $50,000. Public Employees Retirement System of Ohio acquired a new position in shares of Legend Biotech during the second quarter valued at about $92,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Legend Biotech during the third quarter valued at about $136,000. Finally, Nykredit A S bought a new stake in shares of Legend Biotech in the second quarter valued at about $162,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Company Profile

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.