Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been given a consensus recommendation of “Moderate Buy” by the fifteen research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $60.1538.

Several analysts have recently commented on the stock. HC Wainwright upped their price objective on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. UBS Group raised their target price on shares of Legend Biotech from $31.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Morgan Stanley lowered their price target on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Finally, TD Cowen increased their price target on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was 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 $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LEGN. Assenagon Asset Management S.A. acquired a new position in Legend Biotech in the second quarter valued at approximately $55,307,000. Avior Wealth Management LLC acquired a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $235,000. Parallel Advisors LLC increased its holdings in shares of Legend Biotech by 173.9% during the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock valued at $38,000 after purchasing an additional 1,323 shares in the last quarter. Avidity Partners Management LP purchased a new position in shares of Legend Biotech during the 1st quarter valued at approximately $271,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Legend Biotech in the 1st quarter valued at $362,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $27.08 on Monday. The business’s 50 day moving average price is $29.69 and its 200 day moving average price is $23.29. The firm has a market cap of $5.03 billion, a P/E ratio of -39.82 and a beta of 0.34. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly 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 business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same quarter last year, the company posted ($0.07) EPS. Legend Biotech’s quarterly revenue was up 56.5% compared to the same quarter last year. As a group, research analysts expect that Legend Biotech 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.