Legend Biotech (NASDAQ:LEGN) Cut to “Neutral” at Rothschild & Co Redburn

Rothschild & Co Redburn cut shares of Legend Biotech (NASDAQ:LEGN) from a buy rating to a neutral rating in a research note published on Thursday morning, Marketbeat reports. Rothschild & Co Redburn currently has $24.00 price target on the stock.

Several other analysts also recently commented on the stock. Johnson Rice set a $60.00 price target on shares of Legend Biotech in a research report on Friday, October 17th. Oppenheimer began coverage on shares of Legend Biotech in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. Jefferies Financial Group set a $21.00 price target on Legend Biotech in a report on Thursday, January 22nd. Finally, HC Wainwright reduced their price objective on Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average price target of $55.08.

Legend Biotech Stock Down 2.7%

Legend Biotech stock opened at $17.58 on Thursday. The company has a market capitalization of $3.25 billion, a P/E ratio of -27.05 and a beta of 0.10. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The stock has a 50-day simple moving average of $20.84 and a 200-day simple moving average of $28.78.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The company had revenue of $272.33 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.34) earnings per share. Equities research analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Westfield Capital Management Co. LP boosted its position in shares of Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock worth $134,020,000 after purchasing an additional 70,191 shares in the last quarter. Suvretta Capital Management LLC boosted its holdings in Legend Biotech by 1.2% during the third quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock worth $124,505,000 after buying an additional 44,000 shares in the last quarter. Artisan Partners Limited Partnership grew 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 buying an additional 425,684 shares during the period. Goldman Sachs Group Inc. increased its holdings in Legend Biotech by 120.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after buying an additional 1,188,449 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Legend Biotech by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after acquiring an additional 72,371 shares during the period. Hedge funds and other 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.