Legend Biotech (NASDAQ:LEGN) Given New $56.00 Price Target at Royal Bank Of Canada

Legend Biotech (NASDAQ:LEGN) had its price target lowered by equities researchers at Royal Bank Of Canada from $58.00 to $56.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target points to a potential upside of 207.59% from the company’s current price.

LEGN has been the topic of several other reports. Benchmark reaffirmed a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a research note on Monday, July 13th. They set a “neutral” rating and a $35.00 price objective on the stock. Morgan Stanley set a $65.00 target price on shares of Legend Biotech in a report on Friday, September 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $65.00 target price on shares of Legend Biotech in a research note on Monday, September 28th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.64.

Legend Biotech Stock Down 4.8%

Shares of NASDAQ:LEGN traded down $0.91 during midday trading on Thursday, reaching $18.21. The company had a trading volume of 258,236 shares, compared to its average volume of 2,418,103. The business’s 50 day moving average price is $19.82 and its 200 day moving average price is $23.59. The stock has a market cap of $3.53 billion, a PE ratio of -72.89 and a beta of 0.57. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $37.50.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The company had revenue of $387.50 million for the quarter, compared to analysts’ expectations of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The business’s revenue was up 51.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 EPS. On average, research analysts expect that Legend Biotech will post -0.09 earnings per share for the current fiscal year.

Insider Activity at Legend Biotech

In related news, CFO Carlos Santos sold 5,430 shares of the business’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total value of $49,630.20. Following the completion of the sale, the chief financial officer directly owned 14,246 shares in the company, valued at $130,208.44. The trade was a 27.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total value of $258,920.20. Following the completion of the transaction, the director directly owned 52,731 shares in the company, valued at approximately $498,835.26. This represents a 34.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. bought a new stake in Legend Biotech during the second quarter worth about $55,307,000. Arrowstreet Capital Limited Partnership increased its holdings in Legend Biotech by 343.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock valued at $7,361,000 after buying an additional 315,176 shares during the period. Squarepoint Ops LLC raised its position in shares of Legend Biotech by 60.4% in the 2nd quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after buying an additional 289,772 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Legend Biotech in the 1st quarter valued at approximately $4,039,000. Finally, Sei Investments Co. lifted its holdings in shares of Legend Biotech by 215.4% during the 1st quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock worth $5,878,000 after acquiring an additional 221,899 shares during the period. 70.89% of the stock is owned by institutional investors.

About Legend Biotech

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company’s leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.