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

Shares of Legend Biotech Co. (NASDAQ:LEGN) reached a new 52-week low on Tuesday . The stock traded as low as $32.66 and last traded at $32.90, with a volume of 144191 shares. The stock had previously closed at $33.01.

Wall Street Analysts Forecast Growth

LEGN has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Tuesday, December 10th. 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 on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech currently has an average rating of “Buy” and an average target price of $81.54.

Legend Biotech Stock Up 3.1 %

The stock has a 50-day moving average of $42.35 and a 200 day moving average of $47.73. 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 company has a market cap of $6.21 billion, a P/E ratio of -34.75 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the business posted ($0.17) EPS. The business’s revenue was up 66.9% compared to the same quarter last year. Research analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its position in Legend Biotech by 4.0% in the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after purchasing an additional 708,620 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after acquiring an additional 314,449 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Legend Biotech in the 2nd quarter valued at about $13,487,000. Westfield Capital Management Co. LP boosted its stake in Legend Biotech by 5.6% during 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. Finally, Franklin Resources Inc. bought a new stake in Legend Biotech during the 3rd quarter worth approximately $12,837,000. 70.89% of the stock is owned by institutional investors.

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).