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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Legend Biotech, with nine buys, five holds and one sell among 15 brokerages. The average 12-month price target is $55.29.
• Recent price targets vary widely, including $29 from TD Cowen, $35 from JPMorgan, $58 from Raymond James and $65 from HC Wainwright, reflecting differing views on the company’s outlook.
• Legend Biotech’s quarterly revenue rose 56.5% year over year to $305.1 million, though it reported an adjusted loss of $0.03 per share, missed estimates and continues to post negative profitability metrics.

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) has received an average rating of "Moderate Buy" from the fifteen brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $55.2857.

LEGN has been the topic of several recent analyst reports. TD Cowen boosted their price target on Legend Biotech to $29.00 and gave the stock a "hold" rating in a research note on Wednesday, May 13th. Raymond James Financial restated an "outperform" rating and set a $58.00 price objective on shares of Legend Biotech in a research note on Monday, July 27th. HC Wainwright restated a "buy" rating and set a $65.00 price objective on shares of Legend Biotech in a report on Tuesday, July 28th. JPMorgan Chase & Co. began coverage on Legend Biotech in a research note on Monday, July 13th. They set a "neutral" rating and a $35.00 target price for the company. Finally, Weiss Ratings raised shares of Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, July 30th.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares of the company's stock, valued at $3,574,868.16. This trade represents a 2.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of LEGN. Parallel Advisors LLC lifted its stake in Legend Biotech by 171.9% during the third 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. Clearstead Advisors LLC grew its position in Legend Biotech by 310.7% in the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company's stock worth $76,000 after purchasing an additional 2,632 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Legend Biotech by 1,730.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company's stock worth $78,000 after buying an additional 3,374 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Legend Biotech in the second quarter worth $78,000. Finally, IFM Investors Pty Ltd acquired a new position in Legend Biotech during the 1st quarter valued at about $81,000. Institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Up 1.2%

LEGN opened at $19.28 on Friday. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $38.35. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of -28.35 and a beta of 0.37. The company has a fifty day simple moving average of $27.20 and a 200 day simple moving average of $23.17.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The firm had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The business's quarterly revenue was up 56.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.07) EPS. On average, analysts forecast that Legend Biotech will post -0.01 earnings per share for the current fiscal year.

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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