Legend Biotech (NASDAQ:LEGN) Reaches New 1-Year Low – Here’s What Happened

Legend Biotech Co. (NASDAQ:LEGN)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $38.43 and last traded at $38.82, with a volume of 349888 shares traded. The stock had previously closed at $39.89.

Wall Street Analyst Weigh In

A number of research firms have commented on LEGN. Scotiabank upped their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. HC Wainwright restated a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th. Finally, Redburn Atlantic initiated coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Buy” and an average target price of $81.46.

Legend Biotech Stock Performance

The stock has a market cap of $6.96 billion, a price-to-earnings ratio of -40.20 and a beta of 0.11. The firm has a fifty day simple moving average of $46.01 and a 200 day simple moving average of $48.27. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) 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 analysts’ expectations of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same period last year, the business earned ($0.17) earnings per share. As a group, sell-side analysts expect that Legend Biotech Co. will post -1.48 earnings per share for the current year.

Institutional Trading of Legend Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LEGN. US Bancorp DE boosted its holdings in Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after purchasing an additional 293 shares in the last quarter. American International Group Inc. boosted its stake in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. Avior Wealth Management LLC grew its position in Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after acquiring an additional 323 shares during the period. Public Sector Pension Investment Board raised its stake in Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after acquiring an additional 400 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in Legend Biotech by 9.7% during the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock worth $313,000 after acquiring an additional 494 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

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).