Legend Biotech (NASDAQ:LEGN) Sets New 12-Month Low – Should You Sell?

Legend Biotech Co. (NASDAQ:LEGN)’s share price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $32.08 and last traded at $32.24, with a volume of 220146 shares trading hands. The stock had previously closed at $33.93.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on LEGN shares. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reissued a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, December 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued 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 data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $81.54.

Legend Biotech Price Performance

The firm has a 50 day moving average of $40.36 and a 200-day moving average of $47.25. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The company has a market cap of $5.99 billion, a P/E ratio of -34.53 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) earnings per share. On average, equities research analysts predict that Legend Biotech Co. will post -1.23 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LEGN. AM Squared Ltd purchased a new stake in shares of Legend Biotech in the second quarter worth about $71,000. Quantbot Technologies LP purchased a new stake in shares of Legend Biotech during the 3rd quarter worth approximately $148,000. SG Americas Securities LLC bought a new position in shares of Legend Biotech during the 3rd quarter valued at approximately $212,000. Public Employees Retirement System of Ohio bought a new stake in Legend Biotech in the third quarter worth $229,000. Finally, CIBC Asset Management Inc bought a new stake in Legend Biotech in the second quarter worth $283,000. 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).