Legend Biotech (NASDAQ:LEGN) Stock Gets Price Target Trim from Oppenheimer

Legend Biotech (NASDAQ:LEGN) had its price target cut by Oppenheimer from $40.00 to $25.00 in a report released on Wednesday,Benzinga reports. They currently have a market perform rating on the stock.

A number of other analysts also recently weighed in on the company. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. UBS Group reiterated a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a research report on Monday, September 28th. Raymond James Financial reissued an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a report on Monday, July 27th. JPMorgan Chase & Co. decreased their target price on shares of Legend Biotech from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Finally, TD Cowen lowered their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, August 12th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Legend Biotech Stock Performance

LEGN stock opened at $17.50 on Wednesday. Legend Biotech has a one year low of $16.24 and a one year high of $37.50. The stock has a market capitalization of $3.39 billion, a PE ratio of -1,748.25 and a beta of 0.55. The company has a fifty day moving average of $19.57 and a 200-day moving average of $22.12.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 10th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.13. The business had revenue of $359.50 million for the quarter, compared to analyst estimates of $361.46 million. Legend Biotech had a negative net margin of 0.02% and a negative return on equity of 0.03%. The business’s revenue was up 32.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.05) earnings per share. Equities analysts forecast that Legend Biotech will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Legend Biotech

In related news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total value of $258,920.20. Following the sale, the director directly owned 52,731 shares of the company’s stock, valued at approximately $498,835.26. This trade represents a 34.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carlos E. Santos sold 5,430 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the sale, the chief financial officer owned 14,246 shares of the company’s stock, valued at approximately $130,208.44. The trade was a 27.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. purchased a new stake in Legend Biotech during the second quarter valued at about $55,307,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 purchasing an additional 315,176 shares during the period. Squarepoint Ops LLC raised its holdings in shares of Legend Biotech by 60.4% in the 2nd quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock worth $22,216,000 after purchasing an additional 289,772 shares during the period. Sei Investments Co. raised its holdings in shares of Legend Biotech by 215.4% in the 1st quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock worth $5,878,000 after purchasing an additional 221,899 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of 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 purchasing an additional 119,000 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.