Analysts Set Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) PT at $60.23

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have received a consensus rating of “Moderate Buy” from the fifteen research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $60.2308.

LEGN has been the subject of a number of analyst reports. Jefferies Financial Group reissued a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research report on Tuesday, March 10th. Morgan Stanley cut their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. TD Cowen boosted their target price on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. UBS Group raised their target price on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Finally, HC Wainwright raised their target price on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd.

Legend Biotech Stock Performance

Shares of LEGN opened at $29.38 on Thursday. Legend Biotech has a 52-week low of $16.24 and a 52-week high of $45.30. The business’s 50 day moving average price is $28.34 and its two-hundred day moving average price is $22.83. The firm has a market cap of $5.46 billion, a PE ratio of -43.21 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The firm had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.Legend Biotech’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) earnings per share. Research analysts predict that Legend Biotech will post 0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in LEGN. Clearstead Advisors LLC boosted its position in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares during the last quarter. Parallel Advisors LLC lifted its position in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Legend Biotech in the 2nd quarter worth approximately $78,000. Harvest Fund Management Co. Ltd bought a new stake in Legend Biotech in the 3rd quarter worth approximately $104,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in Legend Biotech by 1,730.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after purchasing an additional 3,374 shares during the period. 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.