Barclays Lowers Legend Biotech (NASDAQ:LEGN) Price Target to $80.00

Legend Biotech (NASDAQ:LEGN) had its price objective lowered by stock analysts at Barclays from $90.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 391.58% from the stock’s previous close.

A number of other equities analysts have also weighed in on LEGN. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Legend Biotech in a research note on Tuesday, January 20th. Jefferies Financial Group set a $21.00 price objective on shares of Legend Biotech in a research note on Thursday, January 22nd. TD Cowen reiterated a “hold” rating and issued a $21.00 target price (down previously from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Oppenheimer began coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price target on the stock. Finally, Cantor Fitzgerald cut their price objective on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $57.67.

Legend Biotech Stock Performance

Shares of LEGN stock traded down $0.39 during mid-day trading on Wednesday, reaching $16.27. 94,247 shares of the company’s stock traded hands, compared to its average volume of 2,920,069. The firm has a 50 day moving average price of $22.45 and a two-hundred day moving average price of $30.11. Legend Biotech has a 12 month low of $16.44 and a 12 month 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 firm has a market capitalization of $3.01 billion, a PE ratio of -25.04 and a beta of 0.10.

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

Institutional Trading of Legend Biotech

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Clearstead Advisors LLC boosted its position in Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares during the last quarter. OFI Invest Asset Management boosted its holdings in shares of Legend Biotech by 102.6% in the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after buying an additional 622 shares in the last quarter. Hantz Financial Services Inc. lifted its position in Legend Biotech by 913.0% during the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after acquiring an additional 1,890 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Legend Biotech in the second quarter worth $78,000. Institutional investors own 70.89% of the company’s stock.

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.