Legend Biotech (NASDAQ:LEGN) Trading Down 9.3% – What’s Next?

Legend Biotech Co. (NASDAQ:LEGN) shares dropped 9.3% 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

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

Legend Biotech Price Performance

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 stock’s 50 day moving average price is $37.27 and its two-hundred day moving average price is $46.30. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of -33.30 and a beta of 0.16.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.22. The business 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%. The firm’s revenue was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.17) EPS. On average, equities research analysts anticipate that Legend Biotech Co. will post -1.23 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently bought and sold shares of LEGN. Rhumbline Advisers increased its holdings in shares of Legend Biotech by 11.4% during the 2nd quarter. Rhumbline Advisers now owns 26,334 shares of the company’s stock worth $1,166,000 after purchasing an additional 2,704 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Legend Biotech by 18.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 11,572 shares of the company’s stock valued at $514,000 after acquiring an additional 1,792 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Legend Biotech by 3.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,960,709 shares of the company’s stock valued at $86,840,000 after acquiring an additional 69,913 shares in the last quarter. E Fund Management Co. Ltd. lifted its position in shares of Legend Biotech by 2.4% in the 2nd quarter. E Fund Management Co. Ltd. now owns 58,426 shares of the company’s stock worth $2,588,000 after acquiring an additional 1,374 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew 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 worth $290,000 after purchasing an additional 1,571 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).