Legend Biotech (NASDAQ:LEGN) had its price target reduced by Morgan Stanley from $55.00 to $50.00 in a research note released on Monday morning, Analyst Ratings Network reports. Morgan Stanley currently has an overweight rating on the stock.
Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. reiterated a buy rating on shares of Legend Biotech in a research note on Wednesday, January 20th. Zacks Investment Research downgraded Legend Biotech from a hold rating to a sell rating in a report on Tuesday, March 23rd.
Shares of LEGN opened at $26.72 on Monday. Legend Biotech has a 52-week low of $23.41 and a 52-week high of $43.24. The business’s fifty day moving average is $26.95 and its 200-day moving average is $28.01.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Legend Biotech by 652.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 37,647 shares of the company’s stock valued at $1,162,000 after acquiring an additional 32,647 shares in the last quarter. Virtus ETF Advisers LLC acquired a new position in Legend Biotech during the 4th quarter worth about $277,000. Vident Investment Advisory LLC lifted its holdings in Legend Biotech by 56.4% during the 4th quarter. Vident Investment Advisory LLC now owns 65,162 shares of the company’s stock worth $1,835,000 after buying an additional 23,489 shares during the period. Jennison Associates LLC lifted its holdings in Legend Biotech by 137.4% during the 4th quarter. Jennison Associates LLC now owns 321,388 shares of the company’s stock worth $9,050,000 after buying an additional 186,031 shares during the period. Finally, BlackRock Inc. acquired a new position in Legend Biotech during the 4th quarter worth about $5,419,000. 18.92% of the stock is currently owned by institutional investors.
Legend Biotech Company Profile
Legend Biotech Corporation, a clinical-stage biopharmaceutical company, engages in the discovery and development of novel cell therapies for oncology and other indications. Its lead product candidate, LCAR-B38M/JNJ-4528, is an autologous CAR-T cell therapy that targets the B-cell maturation antigen. The company is conducting multiple clinical trials to evaluate LCAR-B38M/JNJ-4528 as an earlier line of therapy for multiple myeloma (MM), as well as a comparison of the treatment with standard triplet therapy in Revlimid-refractory MM.
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