Legend Biotech (NASDAQ:LEGN) Price Target Cut to $25.00 by Analysts at Oppenheimer

Key Points

• Oppenheimer lowered Legend Biotech’s price target from $40 to $25 and maintained a Market Perform rating; the new target implies about 30% upside from the cited share price of $19.21.
• Analyst opinions remain broadly positive: the stock has a “Moderate Buy” consensus and an average target of $50.85, with nine Buy, five Hold, and one Sell rating.
• Legend reported quarterly EPS of $0.14, beating the $0.01 consensus, and revenue growth of 32% year over year to $359.5 million, though revenue slightly missed estimates.

Legend Biotech (NASDAQ:LEGN - Get Free Report) had its price objective dropped by stock analysts at Oppenheimer from $40.00 to $25.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "market perform" rating on the stock. Oppenheimer's target price indicates a potential upside of 30.16% from the company's current price.

A number of other brokerages also recently issued reports on LEGN. HC Wainwright reissued a "buy" rating on shares of Legend Biotech in a research report on Friday, October 30th. Morgan Stanley set a $65.00 target price on shares of Legend Biotech in a research report on Friday, September 4th. UBS Group reaffirmed a "buy" rating and issued a $65.00 target price on shares of Legend Biotech in a research report on Monday, September 28th. JPMorgan Chase & Co. lowered their target price on shares of Legend Biotech from $35.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, October 9th. Finally, Royal Bank Of Canada dropped their price target on shares of Legend Biotech from $56.00 to $50.00 and set an "outperform" rating for the company in a research report on Wednesday. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $50.85.

Legend Biotech Trading Down 5.9%

Legend Biotech stock traded down $1.20 during mid-day trading on Wednesday, hitting $19.21. The company's stock had a trading volume of 1,496,319 shares, compared to its average volume of 2,406,237. The stock's fifty day moving average is $19.75 and its two-hundred day moving average is $22.12. The firm has a market capitalization of $3.72 billion, a PE ratio of -76.86 and a beta of 0.55. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $37.50.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Tuesday, November 10th. The company reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.13. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. The company had revenue of $359.50 million for the quarter, compared to the consensus estimate of $361.46 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The company's revenue for the quarter was up 32.0% on a year-over-year basis. On average, equities analysts expect that Legend Biotech will post -0.08 EPS for the current fiscal year.

Insider Activity

In other Legend Biotech news, CFO Carlos E. Santos sold 5,430 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.14, for a total transaction of $49,630.20. Following the sale, the chief financial officer directly owned 14,246 shares in the company, valued at $130,208.44. This represents a 27.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the firm's stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the transaction, the director directly owned 52,731 shares of the company's stock, valued at $498,835.26. This represents a 34.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.02% of the stock is currently owned by corporate insiders.

Institutional Trading of Legend Biotech

A number of large investors have recently modified their holdings of LEGN. Ieq Capital LLC purchased a new stake in shares of Legend Biotech during the third quarter worth approximately $937,000. Public Sector Pension Investment Board increased its position in shares of Legend Biotech by 3.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 26,789 shares of the company's stock valued at $533,000 after purchasing an additional 1,000 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Legend Biotech by 484.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 68,698 shares of the company's stock valued at $1,294,000 after purchasing an additional 56,936 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Legend Biotech by 2.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,268 shares of the company's stock valued at $3,526,000 after purchasing an additional 3,707 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Legend Biotech during the 3rd quarter worth $136,000. Hedge funds and other institutional investors own 70.89% of the company's stock.

Trending Headlines about Legend Biotech

Here are a few of the latest headlines about LEGN:

• Positive Sentiment: CARVYKTI net trade sales rose 36% year over year to about $710 million in Q3. Legend also reported adjusted EPS of $0.14, above the $0.01 consensus, while revenue grew 32% to $359.5 million. Legend Biotech Q3 results
• Positive Sentiment: The company said it is targeting adjusted profitability in 2026 and received FDA clearance to begin an investigational in-vivo CAR-T therapy trial, adding a potential pipeline opportunity. Profitability target and margin outlook
• Negative Sentiment: Q3 revenue of $359.5 million slightly missed the $361.5 million consensus. RBC and Barclays lowered their price targets to $50 and $61, respectively, although both kept bullish ratings (Outperform and Overweight). RBC price-target report

Legend Biotech Company Profile

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson's Innovative Medicine business, which collaborates on its commercialization.

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