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

Legend Biotech Co. (NASDAQ:LEGN) hit a new 52-week low on Tuesday . The company traded as low as $32.08 and last traded at $32.24, with a volume of 220146 shares. The stock had previously closed at $33.93.

Analyst Ratings Changes

Several research analysts have recently commented on LEGN shares. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, December 10th. Finally, Redburn Atlantic initiated coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $81.54.

Legend Biotech Trading Down 4.1 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a 50-day moving average of $40.83 and a 200-day moving average of $47.44. The firm has a market capitalization of $5.94 billion, a P/E ratio of -34.25 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analyst estimates 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 revenue was up 66.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.17) EPS. On average, equities research analysts anticipate that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of LEGN. AM Squared Ltd bought a new stake in Legend Biotech during the 2nd quarter valued at approximately $71,000. Quantbot Technologies LP bought a new stake in shares of Legend Biotech during the third quarter valued at approximately $148,000. SG Americas Securities LLC bought a new position in Legend Biotech in the third quarter worth $212,000. Public Employees Retirement System of Ohio purchased a new position in Legend Biotech during the third quarter valued at $229,000. Finally, CIBC Asset Management Inc bought a new stake in shares of Legend Biotech during the 2nd quarter valued at $283,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

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).