Legend Biotech (NASDAQ:LEGN) Given "Neutral" Rating at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. reiterated its Neutral rating on Legend Biotech and maintained a $35 price target, implying about 29% upside from the prior close.
• Other analysts remain mixed: the stock has received a range of upgrades and downgrades, but MarketBeat data shows a consensus “Moderate Buy” rating with an average $57 target price.
• Legend Biotech recently reported revenue of $305.1 million, up 56.5% year over year, though it missed EPS estimates by a penny and the company remains unprofitable.

Legend Biotech (NASDAQ:LEGN - Get Free Report)'s stock had its "neutral" rating restated by research analysts at JPMorgan Chase & Co. in a research note issued to investors on Monday,Benzinga reports. They presently have a $35.00 price target on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 29.25% from the company's previous close.

A number of other equities analysts also recently commented on LEGN. Weiss Ratings downgraded Legend Biotech from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday. UBS Group increased their price target on Legend Biotech from $31.00 to $49.00 and gave the stock a "buy" rating in a research report on Wednesday, June 3rd. Truist Financial lowered Legend Biotech from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 20th. HC Wainwright upped their price objective on Legend Biotech from $50.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. Finally, TD Cowen increased their target price on Legend Biotech to $29.00 and gave the stock a "hold" rating in a research report on Wednesday, May 13th. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Legend Biotech presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.00.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN opened at $27.08 on Monday. The company's fifty day moving average is $29.69 and its two-hundred day moving average is $23.29. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $45.30. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of -39.82 and a beta of 0.34.

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

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 241,872 shares in the company, valued at $3,574,868.16. This trade represents a 2.25% 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. 0.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised its stake 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 buying an additional 662 shares in the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech during the second quarter valued at about $78,000. Harvest Fund Management Co. Ltd acquired a new position in Legend Biotech during the third quarter worth about $104,000. Clearstead Advisors LLC grew its holdings in Legend Biotech by 310.7% during 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. Finally, Caitong International Asset Management Co. Ltd raised its position in Legend Biotech by 1,730.3% in the fourth 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. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Company Profile

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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