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

Legend Biotech (NASDAQ:LEGN) had its price objective decreased by Barclays from $90.00 to $80.00 in a research report report published on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other analysts also recently weighed in on the company. JPMorgan Chase & Co. decreased their target price on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. TD Cowen reiterated a “hold” rating and set a $21.00 price target (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Royal Bank Of Canada reissued an “outperform” rating and issued a $66.00 price objective on shares of Legend Biotech in a research report on Tuesday, January 20th. UBS Group dropped their target price on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, December 8th. Finally, Morgan Stanley cut their target price on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.67.

Legend Biotech Trading Up 2.4%

Legend Biotech stock opened at $17.10 on Wednesday. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $45.30. The company’s fifty day simple moving average is $21.80 and its 200-day simple moving average is $29.75. The stock has a market cap of $3.16 billion, a P/E ratio of -26.31 and a beta of 0.10.

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

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently bought and sold shares of LEGN. Eagle Health Investments LP acquired a new stake in Legend Biotech in the 4th quarter valued at about $8,884,000. PSP Research LLC bought a new stake in shares of Legend Biotech during the fourth quarter valued at approximately $530,000. Handelsbanken Fonder AB increased its holdings in shares of Legend Biotech by 68.7% in the fourth quarter. Handelsbanken Fonder AB now owns 42,000 shares of the company’s stock valued at $913,000 after purchasing an additional 17,100 shares in the last quarter. Capstone Capital Management Ltd bought a new position in Legend Biotech in the 4th quarter worth approximately $425,000. Finally, May Hill Capital LLC acquired a new position in Legend Biotech during the 4th quarter worth $274,000. Institutional investors and hedge funds 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.