Jefferies Financial Group Upgrades Legend Biotech (NASDAQ:LEGN) to “Strong-Buy”

Legend Biotech (NASDAQ:LEGN) was upgraded by analysts at Jefferies Financial Group to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other research firms have also recently weighed in on LEGN. HC Wainwright reaffirmed a “buy” rating on shares of Legend Biotech in a research note on Wednesday, November 26th. Johnson Rice set a $60.00 target price on shares of Legend Biotech in a research note on Friday, October 17th. Oppenheimer started coverage on shares of Legend Biotech in a research note on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective on the stock. Cantor Fitzgerald reduced their price objective on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday, December 17th. Finally, UBS Group dropped their price target on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Legend Biotech Trading Up 5.8%

LEGN opened at $23.42 on Monday. The firm’s 50 day moving average is $24.59 and its 200-day moving average is $31.60. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $4.33 billion, a P/E ratio of -36.03 and a beta of 0.12. Legend Biotech has a 52-week low of $20.21 and a 52-week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business’s revenue was up 70.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.34) EPS. Analysts expect that Legend Biotech will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Hedge funds have recently modified their holdings of the business. Clearstead Advisors LLC grew its position in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares during the period. Parallel Advisors LLC lifted its stake in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares in the last quarter. OFI Invest Asset Management boosted its holdings in shares of Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after buying an additional 622 shares during the period. Hantz Financial Services Inc. increased its position in shares of Legend Biotech by 913.0% during the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after acquiring an additional 1,890 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Legend Biotech during the second quarter worth $78,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Key Stories Impacting Legend Biotech

Here are the key news stories impacting Legend Biotech this week:

• Positive Sentiment: FDA draft guidance signals that the agency may accept accelerated-approval endpoints for multiple myeloma CAR-T programs, easing the regulatory path for treatments in Legend’s space and improving the chance of faster approvals for candidates and label expansions. MSN: Legend Biotech, Arcellx rise after FDA draft guidance on multiple myeloma trials Investing.com: FDA draft guidance supports accelerated approval endpoints
• Positive Sentiment: Jefferies upgraded LEGN to “strong-buy,” adding buy-side momentum and likely attracting momentum/flows into the stock. Analyst upgrades can amplify gains when paired with favorable regulatory news. AmericanBankingNews: Jefferies Upgrades Legend Biotech to Strong-Buy Zacks: Jefferies upgrade reported
• Positive Sentiment: RBC Capital reaffirmed an “Outperform” rating and set a $66 price target, providing a high upside narrative (RBC’s target implies substantial upside vs. current trading) that can influence investor expectations and support the rally. Benzinga: RBC reaffirms Outperform on Legend The Fly: RBC comment on FDA guidance
• Negative Sentiment: Short interest in LEGN has risen significantly, which increases downside pressure risk if clinical/regulatory outcomes disappoint or if short sellers pressure the stock; higher short interest can also add volatility (and can amplify moves both ways). AmericanBankingNews: Legend Biotech Sees Significant Growth in Short Interest

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.