Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) have earned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $55.0769.

LEGN has been the subject of several recent research reports. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $66.00 target price on shares of Legend Biotech in a report on Tuesday, January 20th. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Monday, February 23rd. HC Wainwright dropped their price target on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, January 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Legend Biotech in a research report on Monday, December 29th. Finally, Barclays lowered their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Rakuten Investment Management Inc. acquired a new position in shares of Legend Biotech during the third quarter valued at approximately $7,581,000. Mutual of America Capital Management LLC acquired a new stake in shares of Legend Biotech in the third quarter worth approximately $2,691,000. New York State Common Retirement Fund increased its position in shares of Legend Biotech by 100.4% during the second quarter. New York State Common Retirement Fund now owns 118,774 shares of the company’s stock worth $4,215,000 after purchasing an additional 59,498 shares in the last quarter. Squarepoint Ops LLC raised its stake in Legend Biotech by 77.6% in the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock valued at $5,277,000 after purchasing an additional 64,956 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its stake in Legend Biotech by 20.1% in 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 during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Trading Up 0.9%

Shares of Legend Biotech stock opened at $19.14 on Tuesday. The stock has a market cap of $3.53 billion, a PE ratio of -29.45 and a beta of 0.07. The firm has a fifty day moving average price of $19.55 and a 200 day moving average price of $26.59. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $45.30. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80.

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.