Analysts Set Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Price Target at $58.31

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) has been assigned an average recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $58.3077.

A number of analysts have recently issued reports on the company. Oppenheimer assumed coverage on Legend Biotech in a report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 target price for the company. HC Wainwright reduced their target price on Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, January 22nd. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Jefferies Financial Group restated a “buy” rating and issued a $69.00 target price on shares of Legend Biotech in a report on Tuesday, March 10th. Finally, Royal Bank Of Canada reduced their target price on Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, March 11th.

Legend Biotech Stock Up 1.7%

LEGN opened at $18.30 on Friday. The stock has a fifty day moving average of $18.18 and a 200-day moving average of $24.14. The firm has a market capitalization of $3.38 billion, a P/E ratio of -22.88 and a beta of 0.08. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.18. The company had revenue of $306.30 million during the quarter, compared to analyst estimates of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The company’s revenue for the quarter was up 64.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 earnings per share. On average, analysts expect that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Insider Transactions at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total value of $87,138.72. Following the transaction, the chief executive officer owned 247,438 shares in the company, valued at $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently made changes to their positions in the company. Rakuten Investment Management Inc. acquired a new stake in shares of Legend Biotech in the 3rd quarter valued at $7,581,000. Mutual of America Capital Management LLC acquired a new position in Legend Biotech during the third quarter worth $2,691,000. New York State Common Retirement Fund raised its holdings in Legend Biotech by 100.4% during the second quarter. New York State Common Retirement Fund now owns 118,774 shares of the company’s stock valued at $4,215,000 after buying an additional 59,498 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Legend Biotech by 77.6% during the second quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock valued at $5,277,000 after buying an additional 64,956 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its position in shares of Legend Biotech by 20.1% in the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after buying an additional 425,684 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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.