Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus: Legend Biotech has an average rating of "Moderate Buy" from 15 firms (11 buys, 3 holds, 1 sell) with an average 12‑month price target of $58.31.
• Recent results vs. market: The company beat EPS estimates (reported $0.01 vs. -$0.17) and revenue rose 64.2% year‑over‑year to $306.3M (slightly below expectations), yet the stock trades around $19.14—well below its 12‑month high of $45.30 and the consensus $58.31 target; Legend has negative margins and ROE and a market cap of about $3.54B.
• Ownership and insider activity: CEO Ying Huang sold 9,936 shares recently, insiders own just 0.02% of the stock while institutional investors and hedge funds hold about 70.89%.

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fifteen research firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $58.3077.

A number of equities research analysts have weighed in on LEGN shares. Morgan Stanley decreased their price target on shares of Legend Biotech from $50.00 to $49.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 11th. UBS Group reduced their price objective on shares of Legend Biotech from $54.00 to $48.00 and set a "buy" rating for the company in a report on Monday, December 8th. Cantor Fitzgerald decreased their target price on shares of Legend Biotech from $75.00 to $74.00 and set an "overweight" rating on the stock in a research report on Wednesday, December 17th. Jefferies Financial Group reissued a "buy" rating and issued a $69.00 price target on shares of Legend Biotech in a research report on Tuesday, March 10th. Finally, Oppenheimer assumed coverage on shares of Legend Biotech in a research note on Wednesday, January 7th. They set an "outperform" rating and a $75.00 price target for the company.

Legend Biotech Price Performance

Legend Biotech stock opened at $19.14 on Friday. The business has a 50 day moving average price of $18.19 and a two-hundred day moving average price of $24.55. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $45.30. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of -23.93 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.18. The business had revenue of $306.30 million for the quarter, compared to analysts' expectations of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.Legend Biotech's quarterly revenue was up 64.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 earnings per share. On average, analysts expect that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 9,936 shares of the firm's stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares in the company, valued at $2,170,031.26. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Clearstead Advisors LLC boosted its stake in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company's stock valued at $28,000 after purchasing an additional 367 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock worth $34,000 after purchasing an additional 662 shares during the last quarter. OFI Invest Asset Management increased its position in shares of Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company's stock worth $40,000 after purchasing an additional 622 shares in the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech during the 2nd quarter valued at about $78,000. Finally, Harvest Fund Management Co. Ltd bought a new position in Legend Biotech during the 3rd quarter valued at about $104,000. 70.89% of the stock is currently 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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