Legend Biotech (NASDAQ:LEGN) Sets New 12-Month Low – Here’s Why

Legend Biotech Co. (NASDAQ:LEGN) shares reached a new 52-week low during trading on Friday . The stock traded as low as $31.83 and last traded at $31.91, with a volume of 139906 shares changing hands. The stock had previously closed at $32.77.

Wall Street Analyst Weigh In

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

Legend Biotech Stock Down 3.5 %

The business’s 50 day simple moving average is $37.96 and its 200 day simple moving average is $46.51. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a market capitalization of $5.78 billion, a PE ratio of -33.29 and a beta of 0.16.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million for 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 company’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.17) earnings per share. As a group, analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors and hedge funds have recently bought and sold shares of the business. Quantbot Technologies LP acquired a new position in shares of Legend Biotech in the 3rd quarter valued at $148,000. SG Americas Securities LLC acquired a new stake in Legend Biotech in the third quarter valued at $212,000. Public Employees Retirement System of Ohio purchased a new position in shares of Legend Biotech in the third quarter valued at $229,000. Vanguard Personalized Indexing Management LLC boosted its position in shares of Legend Biotech by 31.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock worth $290,000 after buying an additional 1,571 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in Legend Biotech in the 3rd quarter valued at about $300,000. 70.89% of the stock is currently owned by hedge funds and other 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).