Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Has Consensus Price Target of $53.14 According to Analysts

Key Points

• Analysts hold a mixed view: Legend Biotech has a consensus “Hold” rating from 15 analysts, with eight buys, six holds, and one sell. The average 12-month price target is $53.14.
• Recent financial results exceeded expectations: The company reported quarterly EPS of $0.09 versus the $0.07 consensus estimate, while revenue rose 51.9% year over year to $387.5 million.
• Shares remain well below their 52-week high: LEGN opened at $19.11, compared with a 52-week range of $16.24 to $37.50. Institutional investors own 70.89% of the stock, while company insiders hold just 0.02%.

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) has been assigned a consensus rating of "Hold" from the fifteen brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $53.14.

Several analysts recently issued reports on the company. Benchmark reiterated a "buy" rating on shares of Legend Biotech in a report on Tuesday, July 28th. JPMorgan Chase & Co. initiated coverage on Legend Biotech in a research report on Monday, July 13th. They issued a "neutral" rating and a $35.00 target price on the stock. TD Cowen cut their price target on Legend Biotech from $29.00 to $24.00 and set a "hold" rating for the company in a research note on Wednesday, August 12th. Weiss Ratings lowered Legend Biotech from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 16th. Finally, Oppenheimer cut Legend Biotech from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $75.00 to $40.00 in a research note on Wednesday, August 12th.

Insiders Place Their Bets

In other Legend Biotech news, CFO Carlos Santos sold 5,430 shares of Legend Biotech stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the completion of the sale, the chief financial officer directly owned 14,246 shares in the company, valued at $130,208.44. The trade was a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.02% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC raised its holdings in Legend Biotech by 173.9% during the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company's stock valued at $38,000 after buying an additional 1,323 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Legend Biotech in the second quarter worth about $92,000. Clearstead Advisors LLC boosted its stake in shares of Legend Biotech by 310.7% during the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company's stock worth $76,000 after acquiring an additional 2,632 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company's stock worth $78,000 after acquiring an additional 3,374 shares in the last quarter. Finally, IFM Investors Pty Ltd acquired a new position in shares of Legend Biotech during the 1st quarter valued at about $81,000. Institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Performance

Shares of LEGN opened at $19.11 on Friday. The company's 50 day moving average price is $20.25 and its 200 day moving average price is $23.55. 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 $3.70 billion, a PE ratio of -76.44 and a beta of 0.40.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $355.96 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The company's revenue was up 51.9% compared to the same quarter last year. On average, equities analysts forecast that Legend Biotech will post -0.09 earnings per share for the current fiscal year.

About Legend Biotech

Legend Biotech Corporation NASDAQ: LEGN is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company's work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient's immune system to recognize and attack cancer cells.

Legend Biotech's lead 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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