JPMorgan Chase & Co. Cuts Legend Biotech (NASDAQ:LEGN) Price Target to $33.00

Legend Biotech (NASDAQ:LEGN) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $35.00 to $33.00 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 77.03% from the stock’s current price.

A number of other equities analysts also recently commented on LEGN. UBS Group reissued a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a research note on Monday, September 28th. HC Wainwright reaffirmed a “buy” rating and set a $65.00 target price on shares of Legend Biotech in a research report on Monday, September 28th. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Morgan Stanley set a $65.00 price target on Legend Biotech in a research report on Friday, September 4th. Finally, Barclays dropped their price objective on Legend Biotech from $78.00 to $74.00 and set an “overweight” rating on the stock in a research report on Friday, September 11th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.50.

Legend Biotech Stock Down 0.4%

Shares of LEGN stock traded down $0.07 on Friday, hitting $18.64. The stock had a trading volume of 1,180,996 shares, compared to its average volume of 2,421,173. Legend Biotech has a one year low of $16.24 and a one year high of $37.50. The business has a 50 day moving average price of $19.81 and a 200 day moving average price of $23.59. The company has a market cap of $3.61 billion, a PE ratio of -74.56 and a beta of 0.57.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results 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 7.21% and a negative return on equity of 8.71%. The business had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. During the same quarter last year, the firm posted $0.03 EPS. The company’s revenue for the quarter was up 51.9% on a year-over-year basis. Equities research analysts expect that Legend Biotech will post -0.09 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Carlos Santos sold 5,430 shares of the company’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the transaction, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at approximately $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the 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 sale, the director owned 52,731 shares of the company’s stock, valued at approximately $498,835.26. This represents a 34.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. acquired a new stake in Legend Biotech in the second quarter worth about $55,307,000. Squarepoint Ops LLC increased its holdings in shares of Legend Biotech by 60.4% during the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after acquiring an additional 289,772 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Legend Biotech by 44.1% in the 1st quarter. SG Americas Securities LLC now owns 535,658 shares of the company’s stock valued at $9,690,000 after purchasing an additional 163,930 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Legend Biotech by 29.5% in the 1st quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after purchasing an additional 119,000 shares during the last quarter. Finally, Candriam S.C.A. boosted its stake in Legend Biotech by 79.6% in the 1st quarter. Candriam S.C.A. now owns 470,292 shares of the company’s stock worth $8,508,000 after purchasing an additional 208,477 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

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.