Oppenheimer Launches Coverage on Legend Biotech (LEGN) with Bullish Stance - Here's Why Institutions Are Watching

The Analyst Verdict: Room for Massive Growth Ahead

Oppenheimer recently threw its support behind Legend Biotech Corporation - Depositary Receipt (LEGN), assigning an Outperform rating to the biotech name. According to the latest analyst consensus compiled as of late December 2025, the Street is pricing in substantial upside potential—the average one-year price target sits at $71.80 per share, a striking 242.25% above LEGN’s current trading level of $20.98/share.

The bull case gets more compelling when examining the range of forecasts. Analysts’ targets span from a conservative $48.48 to an aggressive $95.55, with the bullish camp clearly outnumbering the bears. This kind of target dispersion typically signals a market still discovering the true value of a stock.

Revenue Headwinds, But Institutional Conviction Remains Strong

The company’s financial trajectory shows some near-term challenges. Projected annual revenue for LEGN is estimated at 798MM, down 12.17% year-over-year, with non-GAAP EPS forecasted at -1.08. Despite these headwinds, the institutional money vote tells a different story altogether.

Institutional Positioning: Who’s Buying, Who’s Holding

A total of 378 funds and institutions currently hold positions in LEGN, though this represents an 11.27% decrease from the prior quarter as 48 holders exited. However, those who remained actually increased their conviction. Average portfolio weighting across all institutional holders hit 0.32%—up 13.75% sequentially—signaling that core believers are doubling down rather than rotating out.

Total institutional shareholding tallied 97,501K shares, reflecting a modest 6.35% decline over three months. The put/call ratio of 0.62 reinforces the bullish technical backdrop.

The Big Money Moves: Who’s Accumulating?

The recent quarterly filings reveal intriguing divergence among major holders. Fidelity’s OTC Portfolio (FOCPX) turned particularly aggressive, ramping up its LEGN stake by 74.93% to 4,684K shares—a 273.94% increase in portfolio allocation weighting. This kind of aggressive repositioning often signals that sophisticated investors see emerging catalysts.

Hillhouse Capital Advisors maintained its 5,985K share position flat, suggesting conviction at current levels. Meanwhile, Westfield Capital Management Co trimmed exposure, cutting from 6,473K to 6,094K shares (-6.20%), reducing its portfolio weight by 13.44%.

Health Care Portfolio (FSPHX) showed measured confidence, lifting holdings from 2,800K to 3,452K shares (+18.88%) and increasing its weighting by 17.14%. Suvretta Capital Management added modestly to its position, bringing shares to 3,818K from 3,774K (+1.15%), though its portfolio allocation declined 21.07%.

The Bottom Line

With Oppenheimer’s positive initiation, massive analyst upside targets, and selective accumulation by major asset managers, LEGN appears to be carving out a narrative around recovery from current depressed valuations. The institutional divergence—with some buyers stepping up while others trim—suggests we’re in the midst of a repricing cycle rather than a consensus bull move.