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

Legend Biotech Co. (NASDAQ:LEGN) shares hit a new 52-week low on Friday . The company traded as low as $38.43 and last traded at $38.82, with a volume of 349888 shares traded. The stock had previously closed at $39.89.

Wall Street Analyst Weigh In

LEGN has been the subject of several research reports. HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday. Redburn Atlantic began coverage on Legend Biotech in a research report 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 set a $86.00 price objective on shares of Legend Biotech in a research report on Tuesday, October 29th. Finally, Scotiabank upped their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $81.46.

Legend Biotech Trading Down 4.3 %

The company has a quick ratio of 4.78, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The business’s fifty day moving average is $46.01 and its 200-day moving average is $48.27. The stock has a market capitalization of $6.96 billion, a PE ratio of -40.20 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last announced 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 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 business’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.17) EPS. As a group, analysts anticipate that Legend Biotech Co. will post -1.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE lifted its stake in shares of Legend Biotech by 4.5% in the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after purchasing an additional 293 shares in the last quarter. American International Group Inc. increased its stake in shares of Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after buying an additional 300 shares during the last quarter. Avior Wealth Management LLC increased its position in shares of Legend Biotech by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after purchasing an additional 323 shares during the last quarter. Public Sector Pension Investment Board raised its stake in Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after buying an additional 400 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in shares of Legend Biotech by 9.7% during the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after acquiring an additional 494 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).