Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Has Consensus Target Price of $54.69

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received a consensus recommendation of “Moderate Buy” from the fifteen ratings firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $54.69.

A number of brokerages have commented on LEGN. JPMorgan Chase & Co. cut their price objective on shares of Legend Biotech from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, October 9th. Raymond James Financial restated an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a research note on Monday, July 27th. Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, October 19th. Royal Bank Of Canada cut their price target on Legend Biotech from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, October 8th. Finally, Barclays reduced their price target on Legend Biotech from $74.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th.

Legend Biotech Stock Up 5.7%

NASDAQ LEGN opened at $21.56 on Wednesday. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $37.50. The business has a 50 day moving average price of $19.54 and a two-hundred day moving average price of $22.13. The stock has a market cap of $4.18 billion, a PE ratio of -86.24 and a beta of 0.57.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. The company’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. Sell-side analysts anticipate that Legend Biotech will post -0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 52,731 shares in the company, valued at approximately $498,835.26. This represents a 34.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Carlos Santos sold 5,430 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the sale, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. The trade was a 27.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC lifted its position in shares of Legend Biotech by 173.9% during the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after purchasing an additional 1,323 shares during the last quarter. Toth Financial Advisory Corp acquired a new stake in Legend Biotech during the third quarter valued at approximately $50,000. Public Employees Retirement System of Ohio bought a new position in Legend Biotech during the 2nd quarter worth approximately $92,000. Caitong International Asset Management Co. Ltd lifted its holdings in Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after buying an additional 3,374 shares during the last quarter. Finally, IFM Investors Pty Ltd bought a new position in Legend Biotech during the 1st quarter worth approximately $81,000. Institutional investors own 70.89% of the company’s stock.

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. The company’s primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient’s immune cells to recognize and attack cancer cells.

Legend Biotech’s leading product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.