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

Key Points

• Barclays cut its price target on Legend Biotech from $68 to $61 but kept an “overweight” rating; based on the prior close, the target implies 218.77% upside.
• Analyst sentiment remains positive overall: the stock has a “Moderate Buy” consensus rating and an average price target of $53.69. Shares traded at $19.14 on Wednesday.
• Legend reported quarterly EPS of $0.14, beating estimates of $0.01, while revenue of $359.5 million came in slightly below forecasts. Investors are also watching concerns about slowing U.S. demand for CARVYKTI.

Legend Biotech (NASDAQ:LEGN - Get Free Report) had its price target lowered by investment analysts at Barclays from $68.00 to $61.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price target would indicate a potential upside of 218.77% from the stock's previous close.

Several other equities research analysts also recently issued reports on LEGN. JPMorgan Chase & Co. cut 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. Benchmark reiterated a "buy" rating on shares of Legend Biotech in a report on Tuesday, July 28th. Royal Bank Of Canada lowered their price target on Legend Biotech from $58.00 to $56.00 and set an "outperform" rating on the stock in a research report on Thursday, October 8th. Weiss Ratings upgraded Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday. Finally, HC Wainwright restated a "buy" rating on shares of Legend Biotech in a research note on Friday, October 30th. 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $53.69.

Legend Biotech Price Performance

NASDAQ LEGN traded down $1.27 on Wednesday, hitting $19.14. 564,477 shares of the stock were exchanged, compared to its average volume of 2,401,282. The business's fifty day moving average is $19.75 and its 200 day moving average is $22.12. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $37.50. The company has a market capitalization of $3.71 billion, a PE ratio of -76.47 and a beta of 0.55.

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

Insider Buying and Selling at Legend Biotech

In other news, CFO Carlos E. Santos sold 5,430 shares of the stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the transaction, the chief financial officer directly owned 14,246 shares of the company's stock, valued at $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the firm's stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the sale, the director owned 52,731 shares of the company's stock, valued at approximately $498,835.26. This represents a 34.17% decrease in their position. The SEC filing for this sale provides additional information. 0.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new position in Legend Biotech in the 2nd quarter valued at about $55,307,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Legend Biotech by 343.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company's stock worth $7,361,000 after acquiring an additional 315,176 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of Legend Biotech by 60.4% during the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company's stock worth $22,216,000 after acquiring an additional 289,772 shares during the period. Sei Investments Co. boosted its holdings in shares of Legend Biotech by 215.4% during the first quarter. Sei Investments Co. now owns 324,921 shares of the company's stock worth $5,878,000 after acquiring an additional 221,899 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Legend Biotech by 29.5% in the first quarter. Renaissance Technologies LLC now owns 521,800 shares of the company's stock valued at $9,439,000 after purchasing an additional 119,000 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Key Headlines Impacting Legend Biotech

Here are a few of the latest headlines about LEGN:

• Positive Sentiment: Legend reported about $853 million in cash and time deposits. It also highlighted long-term CARVYKTI data and FDA clearance for an investigational dual-targeting CAR-T therapy. Company results and pipeline updates
• Neutral Sentiment: Management is targeting adjusted profitability for 2026; the timing and sustainability of that goal remain important to investors. Profitability and margin outlook
• Negative Sentiment: Investors were concerned that U.S. demand for CARVYKTI is decelerating, raising questions about the pace of future growth despite the annual sales increase. Article on U.S. demand concerns

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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