Legend Biotech (NASDAQ:LEGN) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Legend Biotech (NASDAQ:LEGN) had its price target lowered by JPMorgan Chase & Co. from $35.00 to $33.00 in a report issued on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the stock. Oppenheimer downgraded shares of Legend Biotech from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $75.00 to $40.00 in a report on Wednesday, August 12th. Raymond James Financial reiterated an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a research note on Monday, July 27th. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Royal Bank Of Canada reduced their target price on shares of Legend Biotech from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Morgan Stanley set a $65.00 price target on shares of Legend Biotech in a research note on Friday, September 4th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.50.

Legend Biotech Stock Performance

LEGN stock opened at $18.62 on Friday. The stock’s fifty day simple moving average is $19.81 and its two-hundred day simple moving average is $23.60. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $37.50. The stock has a market cap of $3.61 billion, a P/E ratio of -74.48 and a beta of 0.57.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The firm 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 8.71% and a negative net margin of 7.21%. The business’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. As a group, analysts forecast that Legend Biotech will post -0.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the transaction, the director owned 52,731 shares of the company’s stock, valued at $498,835.26. This represents a 34.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carlos Santos sold 5,430 shares of the stock in a transaction 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 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 SEC filing for this sale provides additional information. 0.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its holdings in Legend Biotech by 343.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after buying an additional 315,176 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Legend Biotech in the 1st quarter worth approximately $4,039,000. Wellington Management Group LLP purchased a new position in Legend Biotech in the 2nd quarter valued at approximately $2,369,000. Renaissance Technologies LLC grew its stake in Legend Biotech by 29.5% in the 1st quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after buying an additional 119,000 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in Legend Biotech by 34.0% in the 2nd quarter. Tidal Investments LLC now owns 240,476 shares of the company’s stock valued at $6,945,000 after buying an additional 61,023 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company’s leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.