Legend Biotech (NASDAQ:LEGN) Stock Price Down 9.3% – Here’s What Happened

Legend Biotech Co. (NASDAQ:LEGN)’s share price was down 9.3% during trading on Monday . The company traded as low as $30.17 and last traded at $30.50. Approximately 130,169 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 1,354,237 shares. The stock had previously closed at $33.62.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on LEGN shares. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reissued a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, December 10th. Finally, Piper Sandler restated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $80.62.

Legend Biotech Trading Down 5.1 %

The stock’s 50-day simple moving average is $37.75 and its 200-day simple moving average is $46.47. The firm has a market capitalization of $5.82 billion, a PE ratio of -33.57 and a beta of 0.16. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.22. The firm had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business’s revenue was up 66.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.17) EPS. As a group, sell-side analysts expect that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently bought and sold shares of the business. Avior Wealth Management LLC grew its stake in shares of Legend Biotech by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after buying an additional 323 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after acquiring an additional 400 shares in the last quarter. Bridgewater Associates LP raised its position in shares of Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock worth $8,088,000 after purchasing an additional 516 shares during the last quarter. Sei Investments Co. boosted its stake in Legend Biotech by 1.5% in the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after purchasing an additional 702 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in Legend Biotech by 14.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock valued at $332,000 after purchasing an additional 837 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

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).