Brokerages Set Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Target Price at $55.08

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has received an average rating of “Moderate Buy” from the sixteen analysts that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $55.0769.

Several equities research analysts recently issued reports on the company. UBS Group reduced their price objective on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, December 8th. Rothschild & Co Redburn downgraded Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a report on Thursday. TD Cowen reissued a “hold” rating and issued a $21.00 price target (down from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. Oppenheimer started coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research report on Monday, December 29th.

Legend Biotech Trading Down 2.7%

Legend Biotech stock opened at $17.58 on Friday. The company has a 50 day moving average price of $20.84 and a 200 day moving average price of $28.70. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $45.30. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of -27.05 and a beta of 0.10.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently modified their holdings of the stock. Rakuten Investment Management Inc. bought a new stake in Legend Biotech during the third quarter worth approximately $7,581,000. Mutual of America Capital Management LLC bought a new position in shares of Legend Biotech in the third quarter valued at approximately $2,691,000. New York State Common Retirement Fund lifted its stake in shares of Legend Biotech by 100.4% in the second quarter. New York State Common Retirement Fund now owns 118,774 shares of the company’s stock worth $4,215,000 after buying an additional 59,498 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Legend Biotech by 77.6% during the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock worth $5,277,000 after buying an additional 64,956 shares during the period. Finally, Connective Portfolio Management LLC bought a new stake in shares of Legend Biotech during the 3rd quarter worth $805,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Company Profile

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.