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

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has earned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $59.00.

Several brokerages recently commented on LEGN. Jefferies Financial Group reissued a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. Truist Financial lowered shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. Rothschild & Co Redburn lowered shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a report on Thursday, February 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $50.00 target price on shares of Legend Biotech in a report on Monday, May 18th.

Insider Activity

In other news, CEO Ying Huang sold 9,936 shares of the company’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.02% of the stock is owned by insiders.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently modified their holdings of LEGN. Suvretta Capital Management LLC grew its holdings in shares of Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after buying an additional 2,790,620 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Legend Biotech by 120.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock worth $47,274,000 after buying an additional 1,188,449 shares in the last quarter. Davern Capital Partners LP purchased a new stake in shares of Legend Biotech during the fourth quarter worth $22,972,000. Marshall Wace LLP grew its holdings in shares of Legend Biotech by 4,129.8% during the fourth quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock worth $16,434,000 after buying an additional 738,081 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Legend Biotech during the second quarter worth $15,790,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $29.37 on Friday. The firm has a market cap of $5.43 billion, a PE ratio of -43.19 and a beta of 0.29. The firm has a fifty day moving average of $22.16 and a 200 day moving average of $22.53. Legend Biotech has a one year low of $16.24 and a one year high of $45.30.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.Legend Biotech’s revenue was up 56.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.07) EPS. On average, equities analysts predict that Legend Biotech will post 0.2 EPS for the current fiscal year.

About Legend Biotech

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.