Royal Bank Of Canada Lowers Legend Biotech (NASDAQ:LEGN) Price Target to $59.00

Legend Biotech (NASDAQ:LEGN) had its target price dropped by analysts at Royal Bank Of Canada from $63.00 to $59.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 203.65% from the company’s previous close.

LEGN has been the subject of a number of other reports. JPMorgan Chase & Co. began coverage on shares of Legend Biotech in a research note on Monday, July 13th. They issued a “neutral” rating and a $35.00 price objective for the company. Morgan Stanley lowered their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 10th. TD Cowen boosted their target price on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Finally, HC Wainwright restated a “buy” rating on shares of Legend Biotech in a report on Thursday, July 16th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and an average target price of $55.08.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded down $2.79 during mid-day trading on Monday, reaching $19.43. 2,087,001 shares of the company traded hands, compared to its average volume of 2,437,071. The company’s fifty day moving average is $28.87 and its two-hundred day moving average is $23.40. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $43.71. The stock has a market cap of $3.61 billion, a PE ratio of -28.57 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The company had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same quarter last year, the firm posted ($0.07) earnings per share. The firm’s revenue for the quarter was up 56.5% compared to the same quarter last year. Research analysts forecast that Legend Biotech will post -0.01 earnings per share for the current year.

Insider Activity

In other news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the sale, the chief executive officer owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC lifted 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 buying an additional 662 shares during the period. Raymond James Financial Inc. bought a new position in Legend Biotech during the second quarter valued at about $78,000. Harvest Fund Management Co. Ltd bought a new position in Legend Biotech during the third quarter valued at about $104,000. Clearstead Advisors LLC raised its holdings in Legend Biotech by 310.7% in the 4th 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 in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Legend Biotech by 1,730.3% in the 4th 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. 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.