Legend Biotech’s (LEGN) Market Perform Rating Reiterated at Oppenheimer

Oppenheimer reaffirmed their market perform rating on shares of Legend Biotech (NASDAQ:LEGN) in a report issued on Wednesday, MarketBeat Ratings reports. Oppenheimer currently has a $40.00 price target on the stock, down from their previous price target of $75.00.

LEGN has been the topic of several other research reports. Barclays dropped their target price on Legend Biotech from $80.00 to $78.00 and set an “overweight” rating on the stock in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $65.00 price objective on shares of Legend Biotech in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 30th. Royal Bank Of Canada decreased their price target on Legend Biotech from $63.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, July 27th. Finally, Morgan Stanley lowered their price target on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $52.29.

Legend Biotech Stock Up 0.5%

NASDAQ LEGN opened at $20.37 on Wednesday. The company has a fifty day moving average of $25.85 and a two-hundred day moving average of $23.15. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of -81.48 and a beta of 0.37. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $38.35.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.02. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The firm had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. During the same period in the prior year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 51.9% on a year-over-year basis. Equities research analysts anticipate that Legend Biotech will post 0.01 EPS for the current year.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.02% of the stock is currently owned by company insiders.

Institutional Trading of Legend Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its stake in shares of Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares in the last quarter. Clearstead Advisors LLC lifted its position in Legend Biotech by 310.7% in the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after acquiring an additional 2,632 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Legend Biotech by 1,730.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after acquiring an additional 3,374 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Legend Biotech in the second quarter valued at $78,000. Finally, IFM Investors Pty Ltd acquired a new position in Legend Biotech during the first quarter worth approximately $81,000. Hedge funds and other 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.