Legend Biotech (NASDAQ:LEGN – Get Free Report) had its target price cut by analysts at Royal Bank Of Canada from $59.00 to $58.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 176.32% from the company’s previous close.
LEGN has been the subject of several other research reports. HC Wainwright reiterated a “buy” rating and issued a $65.00 price target on shares of Legend Biotech in a report on Tuesday, July 28th. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 30th. JPMorgan Chase & Co. started coverage on shares of Legend Biotech in a research report on Monday, July 13th. They issued a “neutral” rating and a $35.00 price objective on the stock. Barclays reduced their target price on shares of Legend Biotech from $80.00 to $78.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Benchmark reiterated a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $52.57.
View Our Latest Stock Report on Legend Biotech
Legend Biotech Trading Down 3.8%
Legend Biotech (NASDAQ:LEGN – Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $387.50 million during the quarter, compared to analysts’ expectations of $355.96 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.Legend Biotech’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 EPS. On average, analysts predict that Legend Biotech will post -0.01 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This trade represents a 2.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.02% of the stock is currently owned by company insiders.
Institutional Trading of Legend Biotech
Institutional investors have recently made changes to their positions in the business. First Trust Advisors LP bought a new stake in Legend Biotech during the 2nd quarter worth about $411,000. Squarepoint Ops LLC grew its holdings in shares of Legend Biotech by 77.6% in the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock valued at $5,277,000 after acquiring an additional 64,956 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Legend Biotech by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock valued at $2,984,000 after acquiring an additional 11,771 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Legend Biotech by 3.5% in the second quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock valued at $55,386,000 after acquiring an additional 52,344 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Legend Biotech in the second quarter valued at about $15,790,000. Institutional investors own 70.89% of the company’s stock.
Trending Headlines about Legend Biotech
Here are the key news stories impacting Legend Biotech this week:
- Positive Sentiment: Legend Biotech reported second-quarter EPS of $0.09, exceeding the $0.07 analyst consensus. Revenue reached $387.5 million, ahead of the $355.96 million estimate and up 51.9% year over year, providing evidence of continued commercial momentum. Legend Biotech earnings report
- Positive Sentiment: Coverage highlighted adjusted EPS that was approximately double consensus expectations and the company’s first quarter of company-wide profitability, strengthening the investment case for operating leverage as sales grow. Legend Biotech gains on earnings beat
- Positive Sentiment: Analysts set a reported price target of $55.29 for Legend Biotech, substantially above the stock’s recent trading level. The target signals considerable potential upside if Carvykti growth and the company’s profitability trajectory continue. Analysts set Legend Biotech price target
- Neutral Sentiment: Investor attention remains focused on Carvykti demand, manufacturing capacity and management’s outlook, which will determine whether the latest revenue growth can be sustained. Legend Biotech Carvykti earnings preview
- Neutral Sentiment: A report showing zero shares sold short and a zero-day short-interest ratio appears inconsistent with normal market data, limiting its usefulness as a signal for trading sentiment.
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.
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