Legend Biotech (NASDAQ:LEGN) Hits New 12-Month Low – What’s Next?

Legend Biotech Co. (NASDAQ:LEGN) hit a new 52-week low during trading on Monday . The company traded as low as $29.31 and last traded at $30.15, with a volume of 1455586 shares. The stock had previously closed at $32.01.

Analyst Ratings Changes

Several research firms have weighed in on LEGN. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler reiterated an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Morgan Stanley lowered their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Stock Down 5.5 %

The company has a market cap of $5.56 billion, a price-to-earnings ratio of -31.84 and a beta of 0.21. The business has a 50-day simple moving average of $36.00 and a two-hundred day simple moving average of $38.74. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same period in the previous year, the company earned ($0.40) EPS. The company’s revenue for the quarter was up 134.6% on a year-over-year basis. As a group, equities analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Several large investors have recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new position in Legend Biotech in the 4th quarter worth $56,000. Signaturefd LLC increased its stake in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after purchasing an additional 1,579 shares during the period. Shell Asset Management Co. lifted its position in shares of Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after purchasing an additional 800 shares during the last quarter. OFI Invest Asset Management bought a new stake in Legend Biotech during the 4th quarter valued at approximately $77,000. Finally, Quadrant Capital Group LLC grew its holdings in Legend Biotech by 4,296.6% in the 4th quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock valued at $124,000 after buying an additional 3,738 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

Legend Biotech Company Profile

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).