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

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $58.3077.

A number of research firms have recently weighed in on LEGN. Morgan Stanley cut their price objective on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. Royal Bank Of Canada cut their price objective on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, March 11th. Jefferies Financial Group reissued a “buy” rating and issued a $69.00 price objective on shares of Legend Biotech in a research report on Tuesday, March 10th. Finally, Oppenheimer began coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective for the company.

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares of the company’s stock, valued at $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.02% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently modified their holdings of the company. Rakuten Investment Management Inc. acquired a new position in Legend Biotech during the third quarter worth approximately $7,581,000. Mutual of America Capital Management LLC acquired a new position in Legend Biotech during the third quarter worth approximately $2,691,000. SG Americas Securities LLC increased its position in Legend Biotech by 6,774.9% during the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock worth $8,081,000 after purchasing an additional 366,321 shares during the last quarter. Artisan Partners Limited Partnership increased its position in Legend Biotech by 20.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after purchasing an additional 425,684 shares during the last quarter. Finally, Hudson Bay Capital Management LP increased its position in Legend Biotech by 42.4% during the third quarter. Hudson Bay Capital Management LP now owns 220,000 shares of the company’s stock worth $7,174,000 after purchasing an additional 65,500 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $23.56 on Wednesday. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $45.30. The company has a market capitalization of $4.36 billion, a PE ratio of -29.45 and a beta of 0.08. The firm’s 50-day moving average is $19.43 and its two-hundred day moving average is $23.03.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.18. The company had revenue of $306.30 million for the quarter, compared to the consensus estimate of $310.21 million. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The company’s revenue for the quarter was up 64.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 earnings per share. On average, analysts forecast that Legend Biotech will post 0.31 EPS 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.