Legend Biotech (NASDAQ:LEGN) Reaches New 1-Year Low at $49.13

Legend Biotech Co. (NASDAQ:LEGN)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $49.13 and last traded at $49.44, with a volume of 424442 shares trading hands. The stock had previously closed at $51.71.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Cantor Fitzgerald assumed coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price for the company. Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective for the company in a report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 price objective on shares of Legend Biotech in a report on Thursday, March 7th. UBS Group increased their price objective on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Barclays increased their price objective on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Stock Performance

The stock has a market capitalization of $8.88 billion, a PE ratio of -32.99 and a beta of 0.01. The business has a 50 day moving average price of $59.84 and a 200 day moving average price of $61.06. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm had revenue of $76.50 million for the quarter, compared to analysts’ expectations of $95.63 million. Legend Biotech’s quarterly revenue was up 177.2% on a year-over-year basis. As a group, equities research analysts expect that Legend Biotech Co. will post -1.42 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently modified their holdings of LEGN. BluePath Capital Management LLC purchased a new stake in shares of Legend Biotech during the third quarter valued at $32,000. American International Group Inc. purchased a new stake in shares of Legend Biotech during the second quarter valued at $33,000. Lazard Asset Management LLC purchased a new stake in shares of Legend Biotech during the fourth quarter valued at $33,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Legend Biotech during the second quarter valued at $41,000. Finally, Quarry LP purchased a new stake in shares of Legend Biotech during the fourth quarter valued at $45,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

About Legend Biotech

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).