Legend Biotech (NASDAQ:LEGN) Stock Rating Lowered by Rothschild & Co Redburn

Legend Biotech (NASDAQ:LEGN) was downgraded by analysts at Rothschild & Co Redburn from a “buy” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat Ratings reports. They presently have a $24.00 price objective on the stock. Rothschild & Co Redburn’s price objective would indicate a potential upside of 36.52% from the stock’s current price.

Several other research firms have also recently weighed in on LEGN. Johnson Rice set a $60.00 price target on Legend Biotech in a report on Friday, October 17th. Barclays cut their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. Morgan Stanley decreased their price target on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Royal Bank Of Canada reissued an “outperform” rating and issued a $66.00 price objective on shares of Legend Biotech in a research note on Tuesday, January 20th. Finally, Jefferies Financial Group set a $21.00 target price on shares of Legend Biotech in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $55.08.

Legend Biotech Stock Performance

LEGN opened at $17.58 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -27.05 and a beta of 0.10. The company has a fifty day moving average of $20.84 and a 200 day moving average of $28.86. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The business had revenue of $272.33 million during the quarter, compared to the consensus estimate of $277.91 million. During the same quarter in the prior year, the firm earned ($0.34) EPS. The business’s revenue was up 70.0% on a year-over-year basis. As a group, sell-side analysts forecast that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors have recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP grew its stake in shares of Legend Biotech by 1.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock valued at $134,020,000 after buying an additional 70,191 shares during the last quarter. Suvretta Capital Management LLC boosted its holdings in Legend Biotech by 1.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock valued at $124,505,000 after acquiring an additional 44,000 shares during the period. Artisan Partners Limited Partnership grew its position in Legend Biotech by 20.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after acquiring an additional 425,684 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Legend Biotech by 120.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after acquiring an additional 1,188,449 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in Legend Biotech by 4.6% in the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after purchasing an additional 72,371 shares during the period. Institutional investors 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.