Legend Biotech (NASDAQ:LEGN) Stock Price Target Cut by Morgan Stanley

Legend Biotech (NASDAQ:LEGN) had its price objective lowered by Morgan Stanley from $49.00 to $43.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley‘s target price would suggest a potential upside of 123.88% from the company’s current price.

A number of other equities research analysts also recently issued reports on LEGN. Raymond James Financial restated an “outperform” rating and set a $58.00 price target on shares of Legend Biotech in a research note on Monday, July 27th. TD Cowen lowered their price objective on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, August 12th. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a report on Friday, October 30th. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Finally, Barclays reduced their target price on shares of Legend Biotech from $68.00 to $61.00 and set an “overweight” rating for the company in a report on Wednesday. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and an average price target of $50.85.

Legend Biotech Price Performance

Shares of LEGN traded down $1.20 during trading hours on Wednesday, hitting $19.21. The stock had a trading volume of 1,496,319 shares, compared to its average volume of 2,406,237. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $37.50. The firm has a market capitalization of $3.72 billion, a PE ratio of -76.86 and a beta of 0.55. The stock has a fifty day moving average price of $19.75 and a 200 day moving average price of $22.12.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 10th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.13. The company had revenue of $359.50 million for the quarter, compared to the consensus estimate of $361.46 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. Legend Biotech’s revenue was up 32.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) earnings per share. As a group, analysts anticipate that Legend Biotech will post -0.08 EPS for the current fiscal year.

Insider Transactions at Legend Biotech

In other news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total value of $258,920.20. Following the completion of the transaction, the director owned 52,731 shares of the company’s stock, valued at $498,835.26. This represents a 34.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Carlos E. Santos sold 5,430 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $9.14, for a total value of $49,630.20. Following the sale, the chief financial officer owned 14,246 shares of the company’s stock, valued at $130,208.44. This represents a 27.60% decrease in their position. The SEC filing for this sale provides additional information. 0.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds have recently modified their holdings of the stock. Ieq Capital LLC bought a new position in shares of Legend Biotech during the third quarter worth $937,000. Public Sector Pension Investment Board increased its holdings in Legend Biotech by 3.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 26,789 shares of the company’s stock valued at $533,000 after acquiring an additional 1,000 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Legend Biotech by 484.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 68,698 shares of the company’s stock valued at $1,294,000 after acquiring an additional 56,936 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Legend Biotech by 2.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,268 shares of the company’s stock valued at $3,526,000 after acquiring an additional 3,707 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Legend Biotech in the 3rd quarter worth $136,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Key Headlines Impacting Legend Biotech

These are some of the LEGN headlines that stood out recently:

• Positive Sentiment: Longer-term CARVYKTI data showed half of patients in a study cohort remained alive and progression-free without additional anti-myeloma treatment five years after one infusion. Updated U.S. guidelines also recommend referral to a T-cell therapy-capable center at first relapse. Q3 results and highlights
• Positive Sentiment: The company said it is targeting adjusted profitability in 2026 and received FDA clearance to begin an investigational in-vivo CAR-T therapy trial, adding a potential pipeline opportunity. Profitability target and margin outlook
• Negative Sentiment: Q3 revenue of $359.5 million slightly missed the $361.5 million consensus. RBC and Barclays lowered their price targets to $50 and $61, respectively, although both kept bullish ratings (Outperform and Overweight). RBC price-target report

Legend Biotech Company Profile

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.