Legend Biotech (NASDAQ:LEGN) Stock Gets Price Target Trim from Barclays

Legend Biotech (NASDAQ:LEGN) had its target price lowered by Barclays from $74.00 to $68.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

LEGN has been the subject of a number of other reports. UBS Group restated a “buy” rating and issued a $65.00 price target on shares of Legend Biotech in a report on Monday, September 28th. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. HC Wainwright reiterated a “buy” rating and set a $65.00 price objective on shares of Legend Biotech in a report on Monday, September 28th. Oppenheimer cut shares of Legend Biotech from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $75.00 to $40.00 in a research report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Legend Biotech from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. 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. According to MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.07.

Legend Biotech Stock Up 4.0%

Shares of LEGN stock opened at $19.80 on Tuesday. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $37.50. The firm has a 50 day moving average of $19.78 and a 200-day moving average of $23.64.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. The company had revenue of $387.50 million during the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. Legend Biotech’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 EPS. Research analysts expect that Legend Biotech will post -0.09 EPS for the current year.

Insider Buying and Selling

In other news, CFO Carlos Santos sold 5,430 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the transaction, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the stock in a transaction on 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 in the company, valued at approximately $498,835.26. This represents a 34.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.02% of the stock is owned by corporate insiders.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. bought a new position in shares of Legend Biotech in the second quarter valued at $55,307,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Legend Biotech by 343.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock valued at $7,361,000 after buying an additional 315,176 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of Legend Biotech by 60.4% during the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after buying an additional 289,772 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Legend Biotech during the first quarter valued at about $4,039,000. Finally, Sei Investments Co. increased its position in shares of Legend Biotech by 215.4% during the first quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock worth $5,878,000 after acquiring an additional 221,899 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company’s leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.