Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives $68.10 Consensus Target Price from Brokerages

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received a consensus rating of “Moderate Buy” from the twelve research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $68.10.

A number of research firms recently commented on LEGN. JPMorgan Chase & Co. dropped their target price on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Johnson Rice set a $60.00 target price on Legend Biotech in a report on Friday, October 17th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $74.00 target price on shares of Legend Biotech in a report on Monday, December 8th. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a research report on Wednesday, November 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Legend Biotech in a report on Monday, December 15th.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently modified their holdings of the stock. Suvretta Capital Management LLC boosted its position in Legend Biotech by 1.2% during the third quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock valued at $124,505,000 after purchasing an additional 44,000 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares in the last quarter. Alliancebernstein L.P. increased its position in Legend Biotech by 4.6% during the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after buying an additional 72,371 shares during the last quarter. Matthews International Capital Management LLC boosted its stake in shares of Legend Biotech by 17.3% during the 2nd quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock worth $45,890,000 after acquiring an additional 191,165 shares in the last quarter. Finally, IvyRock Asset Management HK Ltd lifted its holdings in Legend Biotech by 3.1% in the 2nd quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock worth $30,873,000 after purchasing an additional 25,900 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Down 2.0%

Shares of LEGN stock opened at $22.53 on Thursday. Legend Biotech has a 1 year low of $21.19 and a 1 year high of $45.30. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. The business’s fifty day moving average is $27.96 and its 200-day moving average is $33.16. The stock has a market cap of $4.16 billion, a PE ratio of -34.66 and a beta of 0.09.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. During the same quarter last year, the business posted ($0.34) earnings per share. The company’s quarterly revenue was up 70.0% on a year-over-year basis. Equities analysts expect that Legend Biotech will post -1.31 earnings per share for the current fiscal 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.