Legend Biotech (NASDAQ:LEGN) Cut to “Hold” at Truist Financial

Truist Financial downgraded shares of Legend Biotech (NASDAQ:LEGN) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks.com reports.

Several other research analysts have also issued reports on LEGN. Cantor Fitzgerald reduced their price target on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a report on Monday. Barclays decreased their target price on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. UBS Group cut their price target 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, HC Wainwright reduced their price objective on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.08.

Legend Biotech Trading Up 1.1%

Shares of NASDAQ LEGN opened at $19.72 on Monday. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The firm has a market capitalization of $3.64 billion, a P/E ratio of -30.34 and a beta of 0.10. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The company’s 50 day simple moving average is $20.16 and its 200 day simple moving average is $27.67.

Institutional Trading of Legend Biotech

Large investors have recently bought and sold shares of the business. Allianz Asset Management GmbH bought a new position in Legend Biotech in the second quarter valued at approximately $458,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Legend Biotech during the second quarter worth $723,000. Hantz Financial Services Inc. lifted its position in Legend Biotech by 913.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after acquiring an additional 1,890 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its stake in Legend Biotech by 25.5% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 21,901 shares of the company’s stock worth $775,000 after purchasing an additional 4,451 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Legend Biotech by 34.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 74,751 shares of the company’s stock worth $2,653,000 after purchasing an additional 19,141 shares in the last quarter. 70.89% of the stock is owned by institutional investors.

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.