Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Rated "Moderate Buy" by Wall Street Analysts

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and nine have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $54.69.

Several analysts recently weighed in on LEGN shares. JPMorgan Chase & Co. dropped their price objective on Legend Biotech from $35.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, October 9th. Raymond James Financial reiterated an "outperform" rating and issued a $58.00 target price on shares of Legend Biotech in a research report on Monday, July 27th. Morgan Stanley set a $65.00 target price on Legend Biotech in a research report on Friday, September 4th. HC Wainwright reissued a "buy" rating and set a $65.00 target price on shares of Legend Biotech in a research note on Monday, September 28th. Finally, Oppenheimer cut shares of Legend Biotech from an "outperform" rating to a "market perform" rating and dropped their target price for the stock from $75.00 to $40.00 in a report on Wednesday, August 12th.

Legend Biotech Price Performance

Shares of LEGN opened at $19.01 on Wednesday. Legend Biotech has a one year low of $16.24 and a one year high of $37.50. The company has a market cap of $3.68 billion, a P/E ratio of -76.04 and a beta of 0.57. The firm has a 50 day simple moving average of $19.63 and a two-hundred day simple moving average of $23.66.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.02. The firm had revenue of $387.50 million during the quarter, compared to analysts' expectations 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 period in the prior year, the company earned $0.03 earnings per share. On average, analysts expect that Legend Biotech will post -0.08 earnings per share for the current fiscal year.

Insider Activity at Legend Biotech

In related news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company'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 in the company, valued at $498,835.26. This represents a 34.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the transaction, the chief financial officer directly owned 14,246 shares of the company's stock, valued at approximately $130,208.44. The trade was a 27.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.02% of the company's stock.

Institutional Trading of Legend Biotech

A number of hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new position in shares of Legend Biotech during the second quarter worth $55,307,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Legend Biotech by 343.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company's stock valued at $7,361,000 after acquiring an additional 315,176 shares in the last quarter. Squarepoint Ops LLC grew its position in Legend Biotech by 60.4% during the 2nd 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 last quarter. Y Intercept Hong Kong Ltd acquired a new position in Legend Biotech in the 1st quarter worth about $4,039,000. Finally, Sei Investments Co. grew 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 purchasing an additional 221,899 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Company Profile

Legend Biotech Corporation NASDAQ: LEGN is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. The company's primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient's immune cells to recognize and attack cancer cells.

Legend Biotech's leading product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.

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