Legend Biotech (NASDAQ:LEGN) Stock Price Target Lowered at Barclays

Key Points

• Barclays lowered its Legend Biotech price target from $74 to $68 while maintaining an “overweight” rating, implying substantial upside from the stock’s reported $17.75 price.
• Analyst sentiment remains generally positive: nine analysts rate the stock a Buy, five a Hold and one a Sell, resulting in a consensus “Moderate Buy” rating and an average price target of $55.07.
• Legend Biotech reported quarterly revenue of $387.5 million and earnings of $0.09 per share, exceeding estimates, while revenue increased 51.9% year over year; institutional investors own 70.89% of the company.

Legend Biotech (NASDAQ:LEGN - Get Free Report) had its price objective reduced by equities researchers at Barclays from $74.00 to $68.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price target indicates a potential upside of 283.21% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Raymond James Financial restated an "outperform" rating and issued a $58.00 price objective on shares of Legend Biotech in a research note on Monday, July 27th. Morgan Stanley set a $65.00 price objective on Legend Biotech in a research note on Friday, September 4th. Benchmark reaffirmed a "buy" rating on shares of Legend Biotech in a report on Tuesday, July 28th. TD Cowen dropped their target price on shares of Legend Biotech from $29.00 to $24.00 and set a "hold" rating for the company in a research report on Wednesday, August 12th. Finally, Oppenheimer downgraded shares of Legend Biotech from an "outperform" rating to a "market perform" rating and cut their price target for the company from $75.00 to $40.00 in a report on Wednesday, August 12th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Legend Biotech currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.07.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN traded down $0.06 on Tuesday, hitting $17.75. 991,564 shares of the company were exchanged, compared to its average volume of 2,416,353. Legend Biotech has a one year low of $16.24 and a one year high of $37.50. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of -70.96 and a beta of 0.57. The company's 50 day moving average price is $19.79 and its two-hundred day moving average price is $23.61.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.02. The company had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. The company's quarterly revenue was up 51.9% on a year-over-year basis. During the same quarter last year, the company earned $0.03 EPS. Research analysts predict that Legend Biotech will post -0.09 earnings per share for the current year.

Insider Transactions at Legend Biotech

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new position in Legend Biotech during the second quarter worth about $55,307,000. Squarepoint Ops LLC lifted its stake in Legend Biotech by 60.4% in the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company's stock valued at $22,216,000 after buying an additional 289,772 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Legend Biotech by 44.1% during the first quarter. SG Americas Securities LLC now owns 535,658 shares of the company's stock worth $9,690,000 after acquiring an additional 163,930 shares during the period. Renaissance Technologies LLC boosted its stake in Legend Biotech by 29.5% in the 1st quarter. Renaissance Technologies LLC now owns 521,800 shares of the company's stock worth $9,439,000 after purchasing an additional 119,000 shares during the period. Finally, Candriam S.C.A. increased its holdings in Legend Biotech by 79.6% during the 1st quarter. Candriam S.C.A. now owns 470,292 shares of the company's stock worth $8,508,000 after purchasing an additional 208,477 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

About Legend Biotech

Legend Biotech Corporation NASDAQ: LEGN is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company's leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.

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