Legend Biotech (NASDAQ:LEGN) Stock Rating Upgraded by Truist Financial

Legend Biotech (NASDAQ:LEGN) was upgraded by stock analysts at Truist Financial from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other equities analysts have also issued reports on the stock. HC Wainwright lowered their target price on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, January 22nd. Jefferies Financial Group restated a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research note on Tuesday. UBS Group reduced their price objective on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Oppenheimer initiated coverage on Legend Biotech in a research note on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price objective for the company. Finally, Barclays dropped their target price on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus price target of $58.31.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $19.05 on Tuesday. The firm’s 50-day moving average price is $19.42 and its 200-day moving average price is $26.38. The company has a market capitalization of $3.52 billion, a PE ratio of -23.81 and a beta of 0.07. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $45.30.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, March 10th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The company had revenue of $306.30 million during the quarter, compared to analysts’ expectations of $310.21 million. During the same period last year, the company posted $0.07 EPS. Legend Biotech’s revenue was up 64.2% on a year-over-year basis. Equities analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently modified their holdings of the business. Clearstead Advisors LLC increased its holdings in Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares in the last quarter. Invesco Ltd. lifted its stake in Legend Biotech by 4.4% during the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock valued at $298,000 after acquiring an additional 581 shares during the period. OFI Invest Asset Management lifted its stake in Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after acquiring an additional 622 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares during the last quarter. Finally, Fox Run Management L.L.C. boosted its holdings in shares of Legend Biotech by 4.3% during the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock valued at $452,000 after acquiring an additional 863 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

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.