Legend Biotech (NASDAQ:LEGN) Trading Down 3.5% – Time to Sell?

Legend Biotech Co. (NASDAQ:LEGN) shares dropped 3.5% during mid-day trading on Friday . The stock traded as low as $36.86 and last traded at $36.36. Approximately 88,951 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 1,482,003 shares. The stock had previously closed at $37.69.

Analyst Ratings Changes

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

Legend Biotech Stock Down 1.6 %

The firm’s 50-day moving average is $36.39 and its 200 day moving average is $45.72. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of -38.99 and a beta of 0.16. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.17) earnings per share. Sell-side analysts anticipate that Legend Biotech Co. will post -1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in LEGN. Quantbot Technologies LP purchased a new stake in Legend Biotech during the 3rd quarter worth $148,000. Blue Trust Inc. boosted its position in shares of Legend Biotech by 1,513.3% in the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after buying an additional 5,478 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Legend Biotech in the third quarter valued at about $212,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech during the 3rd quarter valued at about $229,000. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in shares of Legend Biotech by 31.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock valued at $290,000 after buying an additional 1,571 shares during the period. Hedge funds and other 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).