Legend Biotech (NASDAQ:LEGN) Shares Down 3.5% – What’s Next?

Legend Biotech Co. (NASDAQ:LEGN)’s share price was down 3.5% during trading on Friday . The stock traded as low as $36.86 and last traded at $36.36. Approximately 88,951 shares were traded 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

LEGN has been the topic of a number of research analyst reports. Piper Sandler reissued an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. 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 for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reissued a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $79.50.

Legend Biotech Trading Down 2.1 %

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 firm has a market capitalization of $6.74 billion, a price-to-earnings ratio of -38.85 and a beta of 0.16. The business’s 50 day moving average price is $36.37 and its 200-day moving average price is $45.64.

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

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently made changes to their positions in LEGN. Quantbot Technologies LP acquired a new position in Legend Biotech during the third quarter worth about $148,000. Blue Trust Inc. grew its holdings in shares of Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after acquiring an additional 5,478 shares during the period. SG Americas Securities LLC purchased a new position in Legend Biotech in the 3rd quarter valued at approximately $212,000. Public Employees Retirement System of Ohio acquired a new position in Legend Biotech during the third quarter worth $229,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Legend Biotech by 31.6% during the second 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 owned by institutional investors and hedge funds.

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).