Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Receives Average Rating of "Hold" from Brokerages

Key Points

• Legend Biotech holds a consensus “Hold” rating from 15 brokerages, with eight buys, six holds, and one sell. The average 12-month price target is $52.29, although recent targets ranged from $24 to $65.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.09 versus estimates of $0.07 and revenue of $387.5 million versus $356.0 million expected. Revenue increased 51.9% year over year, despite a negative net margin and return on equity.
• LEGN shares opened at $20.78, near the lower end of their 52-week range of $16.24 to $37.50. Institutional investors and hedge funds own approximately 70.89% of the stock, while insiders own just 0.02%.

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) has received a consensus recommendation of "Hold" from the fifteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $52.2857.

A number of equities research analysts have weighed in on LEGN shares. HC Wainwright reaffirmed a "buy" rating and issued a $65.00 target price on shares of Legend Biotech in a report on Tuesday, July 28th. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a report on Monday, July 13th. They issued a "neutral" rating and a $35.00 target price for the company. UBS Group restated a "neutral" rating and issued a $28.00 price target (down from $49.00) on shares of Legend Biotech in a research note on Monday, July 27th. Benchmark reaffirmed a "buy" rating on shares of Legend Biotech in a report on Tuesday, July 28th. Finally, TD Cowen lowered their price objective 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.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $20.78 on Tuesday. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $37.50. The business's 50-day simple moving average is $23.31 and its 200-day simple moving average is $23.47. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of -83.12 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.02. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The company had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. During the same quarter last year, the firm posted $0.03 earnings per share. The company's quarterly revenue was up 51.9% compared to the same quarter last year. As a group, equities research analysts forecast that Legend Biotech will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the business's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the sale, the chief executive officer owned 241,872 shares in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.02% of the stock is currently owned by company insiders.

Institutional Trading of Legend Biotech

A number of hedge funds have recently made changes to their positions in LEGN. Parallel Advisors LLC lifted its stake in shares of Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock valued at $34,000 after buying an additional 662 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Legend Biotech in the second quarter worth $78,000. Public Employees Retirement System of Ohio purchased a new position in shares of Legend Biotech in the 2nd quarter worth about $92,000. Harvest Fund Management Co. Ltd bought a new position in Legend Biotech during the third quarter valued at $104,000. Finally, Clearstead Advisors LLC boosted its holdings in shares of Legend Biotech by 310.7% in the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company's stock worth $76,000 after acquiring an additional 2,632 shares during the period. 70.89% of the stock is owned by institutional investors and hedge funds.

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.

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