Legend Biotech (NASDAQ:LEGN) Trading Down 5.3% on Analyst Downgrade

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s stock price dropped 5.3% during mid-day trading on Wednesday after TD Cowen lowered their price target on the stock from $29.00 to $24.00. TD Cowen currently has a hold rating on the stock. Legend Biotech traded as low as $20.56 and last traded at $20.67. 1,071,689 shares traded hands during trading, a decline of 57% from the average session volume of 2,504,307 shares. The stock had previously closed at $21.83.

Several other research analysts have also commented on LEGN. Oppenheimer lowered Legend Biotech from an “outperform” rating to a “market perform” rating and set a $40.00 price objective on the stock. in a research report on Wednesday. UBS Group reiterated a “neutral” rating and issued a $28.00 price target (down from $49.00) on shares of Legend Biotech in a research report on Monday, July 27th. Benchmark reaffirmed a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Barclays cut their target price on shares of Legend Biotech from $80.00 to $78.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, 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. Eight research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.29.

Insider Activity

In other news, CEO Ying Huang sold 5,566 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.02% of the company’s stock.

Key Headlines Impacting Legend Biotech

Here are the key news stories impacting Legend Biotech this week:

• Positive Sentiment: Legend Biotech reported second-quarter EPS of $0.09, exceeding the $0.07 consensus estimate. Revenue rose 51.9% year over year to $387.5 million, above expectations of $355.96 million. Coverage also highlighted the company’s first quarter of company-wide profitability. Legend Biotech Gains 6% on Q2 Earnings Beat
• Positive Sentiment: The earnings beat and improving profitability provide evidence of continued commercial momentum for Legend Biotech’s cell-therapy business, including Carvykti, and initially supported a gain in the shares. Legend Biotech Reports Second Quarter 2026 Results
• Neutral Sentiment: Analysts cited in a separate report set an average price target of $55.29, implying considerable potential upside, although the wide range of targets indicates significant uncertainty about Legend Biotech’s valuation and outlook. Analysts Set Legend Biotech Price Target
• Negative Sentiment: Oppenheimer reaffirmed its “market perform” rating but sharply reduced its price target to $40 from $75. Royal Bank of Canada maintained an “outperform” rating while trimming its target to $58 from $59. These revisions may be prompting profit-taking despite the strong quarterly results. Legend Biotech Analyst Rating and Price Target Changes

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP acquired a new stake in shares of Legend Biotech in the 2nd quarter valued at $411,000. Squarepoint Ops LLC grew its holdings in shares of Legend Biotech by 77.6% during the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock valued at $5,277,000 after purchasing an additional 64,956 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Legend Biotech by 16.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock worth $2,984,000 after purchasing an additional 11,771 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Legend Biotech by 3.5% in the 2nd quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock valued at $55,386,000 after purchasing an additional 52,344 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Legend Biotech during the 2nd quarter valued at $15,790,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

The company has a fifty day moving average price of $26.68 and a two-hundred day moving average price of $23.15. The company has a market capitalization of $3.83 billion, a P/E ratio of -30.32 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. The company had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period last year, the business posted $0.03 EPS. As a group, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.01 earnings per share for the current year.

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.