TD Cowen Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $24.00

Key Points

• TD Cowen lowered Legend Biotech’s price target to $24 from $29 while maintaining a “hold” rating, citing implied upside of about 15% from the prior close. The broader analyst consensus is also “Hold,” with an average target of $52.21.
• Legend Biotech shares fell 4.4% to $20.86 during Wednesday’s trading session. The stock remains below its 50-day moving average of $26.68 but above its 1-year low of $16.24.
• The company reported a quarterly earnings beat, with EPS of $0.09 versus the $0.07 estimate and revenue of $387.5 million, up 51.9% year over year. Despite improving commercial momentum, other analysts—including RBC and Barclays—also recently trimmed their price targets.

Legend Biotech (NASDAQ:LEGN - Get Free Report) had its target price dropped by TD Cowen from $29.00 to $24.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the stock. TD Cowen's price target would indicate a potential upside of 15.05% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings upgraded Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, July 30th. Benchmark reiterated a "buy" rating on shares of Legend Biotech in a research note on Tuesday, July 28th. JPMorgan Chase & Co. assumed coverage on Legend Biotech in a research note on Monday, July 13th. They issued a "neutral" rating and a $35.00 target price on the stock. Royal Bank Of Canada cut their price target on Legend Biotech from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Barclays decreased their price target on Legend Biotech from $80.00 to $78.00 and set an "overweight" rating for the company in a report on Wednesday. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $52.21.

Legend Biotech Stock Down 4.4%

NASDAQ:LEGN traded down $0.97 during trading hours on Wednesday, reaching $20.86. 721,320 shares of the company's stock were exchanged, compared to its average volume of 2,502,093. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of -30.68 and a beta of 0.37. The company has a 50-day moving average of $26.68 and a 200 day moving average of $23.15. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $38.35.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.02. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The company had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. During the same period in the previous year, the business posted $0.03 earnings per share. Legend Biotech's quarterly revenue was up 51.9% on a year-over-year basis. Research analysts forecast that Legend Biotech will post -0.01 EPS for the current fiscal year.

Insider Buying and Selling at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the company's stock in a transaction on Thursday, June 25th. The stock was 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 of the company's stock, valued at $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC grew its position 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 buying an additional 662 shares during the period. Clearstead Advisors LLC raised 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 purchasing an additional 2,632 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Legend Biotech by 1,730.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company's stock worth $78,000 after purchasing an additional 3,374 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Legend Biotech during the second quarter worth $78,000. Finally, IFM Investors Pty Ltd acquired a new stake in Legend Biotech in the first quarter valued at $81,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Legend Biotech

Here are the key news stories impacting Legend Biotech this week:

• Positive Sentiment: Legend Biotech reported second-quarter EPS of $0.09, exceeding the $0.07 consensus estimate. Revenue rose 51.9% year over year to $387.5 million, above expectations of $355.96 million. Coverage also highlighted the company’s first quarter of company-wide profitability. Legend Biotech Gains 6% on Q2 Earnings Beat
• Positive Sentiment: The earnings beat and improving profitability provide evidence of continued commercial momentum for Legend Biotech’s cell-therapy business, including Carvykti, and initially supported a gain in the shares. Legend Biotech Reports Second Quarter 2026 Results
• Neutral Sentiment: Analysts cited in a separate report set an average price target of $55.29, implying considerable potential upside, although the wide range of targets indicates significant uncertainty about Legend Biotech’s valuation and outlook. Analysts Set Legend Biotech Price Target
• Negative Sentiment: Oppenheimer reaffirmed its “market perform” rating but sharply reduced its price target to $40 from $75. Royal Bank of Canada maintained an “outperform” rating while trimming its target to $58 from $59. These revisions may be prompting profit-taking despite the strong quarterly results. Legend Biotech Analyst Rating and Price Target Changes

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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