Legend Biotech (NASDAQ:LEGN) Price Target Cut to $50.00 by Analysts at Royal Bank Of Canada

Legend Biotech (NASDAQ:LEGN) had its price target decreased by Royal Bank Of Canada from $56.00 to $50.00 in a report released on Wednesday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. Raymond James Financial restated an “outperform” rating and set a $58.00 price target on shares of Legend Biotech in a research report on Monday, July 27th. UBS Group reiterated a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a report on Monday, September 28th. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. TD Cowen reduced their target price on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, August 12th. Finally, HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a report on Friday, October 30th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.85.

Legend Biotech Stock Performance

Legend Biotech stock opened at $19.54 on Wednesday. The company’s fifty day moving average price is $19.72 and its 200 day moving average price is $22.13. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $37.50. The stock has a market capitalization of $3.79 billion, a P/E ratio of -1,952.05 and a beta of 0.55.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 10th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.01 by $0.13. Legend Biotech had a negative net margin of 0.02% and a negative return on equity of 0.03%. The company had revenue of $359.50 million during the quarter, compared to analyst estimates of $361.46 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. The firm’s revenue was up 32.0% compared to the same quarter last year. Sell-side analysts predict that Legend Biotech will post -0.08 EPS for the current year.

Insider Transactions at Legend Biotech

In other news, CFO Carlos Santos sold 5,430 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $9.14, for a total value 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 trade represents a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the business’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the transaction, the director owned 52,731 shares in the company, valued at $498,835.26. The trade was a 34.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC boosted its stake in Legend Biotech by 173.9% during the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after buying an additional 1,323 shares during the last quarter. Toth Financial Advisory Corp purchased a new stake in Legend Biotech in the 3rd quarter valued at $50,000. Public Employees Retirement System of Ohio purchased a new stake in Legend Biotech in the 2nd quarter valued at $92,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Legend Biotech in the 3rd quarter worth $136,000. Finally, Nykredit A S acquired a new stake in shares of Legend Biotech in the 2nd quarter worth $162,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

More Legend Biotech News

Investors following LEGN have been watching these news items:

• Positive Sentiment: Long-term follow-up showed half of patients in a CARVYKTI study cohort were alive and progression-free without further anti-myeloma treatment five years after one infusion. Legend also received FDA clearance to begin an investigational trial of its LB2501 dual-targeting CAR-T therapy. Company release
• Neutral Sentiment: Analysts cut price targets, but kept generally constructive ratings: Morgan Stanley lowered its target to $43 and retained Overweight; RBC cut to $50 but kept Outperform; Barclays cut to $61 and kept Overweight. Oppenheimer lowered its target to $25 and maintained Market Perform. Morgan Stanley ratings
• Negative Sentiment: Investors focused on reports of decelerating U.S. demand for CARVYKTI, raising questions about the pace of future sales growth. Demand concerns

About Legend Biotech

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.