Legend Biotech (NASDAQ:LEGN) Shares Down 6.5% – Time to Sell?

Legend Biotech Co. (NASDAQ:LEGN) was down 6.5% during mid-day trading on Tuesday . The company traded as low as $38.84 and last traded at $38.92. Approximately 273,431 shares were traded during trading, a decline of 75% from the average daily volume of 1,115,495 shares. The stock had previously closed at $41.63.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on LEGN shares. Scotiabank boosted their target price on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a report on Monday. Redburn Atlantic assumed coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech currently has an average rating of “Buy” and a consensus price target of $81.54.

Legend Biotech Trading Down 9.0 %

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 business has a 50-day moving average price of $43.65 and a two-hundred day moving average price of $47.96. The firm has a market cap of $6.95 billion, a PE ratio of -40.97 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million during 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 firm’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.17) earnings per share. Analysts forecast that Legend Biotech Co. will post -1.23 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its holdings in shares of Legend Biotech by 4.0% in the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after acquiring an additional 708,620 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after purchasing an additional 266,296 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Legend Biotech by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after purchasing an additional 314,449 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Legend Biotech by 0.3% during the second quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company’s stock worth $68,266,000 after buying an additional 4,285 shares in the last quarter. Finally, State Street Corp raised its position in shares of Legend Biotech by 0.4% in the third quarter. State Street Corp now owns 1,140,222 shares of the company’s stock valued at $55,563,000 after buying an additional 4,735 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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).