Royal Bank Of Canada Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $59.00

Legend Biotech (NASDAQ:LEGN) had its price target cut by Royal Bank Of Canada from $63.00 to $59.00 in a research report sent to investors on Monday morning, Marketbeat Ratings reports. They currently have an outperform rating on the stock.

Other research analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a report on Thursday, July 16th. UBS Group lowered Legend Biotech from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $49.00 to $28.00 in a report on Friday, July 24th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 10th. TD Cowen increased their price target on Legend Biotech to $29.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a research report on Monday, July 13th. They issued a “neutral” rating and a $35.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.29.

Legend Biotech Trading Down 0.8%

Legend Biotech stock opened at $18.89 on Monday. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $41.60. The firm’s fifty day simple moving average is $28.38 and its 200-day simple moving average is $23.33. The company has a market capitalization of $3.51 billion, a P/E ratio of -27.79 and a beta of 0.34.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in LEGN. The Manufacturers Life Insurance Company lifted its stake in shares of Legend Biotech by 5.8% in the first quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company’s stock valued at $188,000 after buying an additional 570 shares during the period. Invesco Ltd. raised its holdings in Legend Biotech by 4.4% in 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 in the last quarter. Resona Asset Management Co. Ltd. raised its holdings in Legend Biotech by 3.1% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company’s stock valued at $366,000 after acquiring an additional 607 shares in the last quarter. Parallel Advisors LLC lifted its position 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 acquiring an additional 662 shares during the period. Finally, Fox Run Management L.L.C. lifted its position in shares of Legend Biotech by 4.3% in the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock worth $452,000 after acquiring an additional 863 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.