Legend Biotech (NASDAQ:LEGN) Stock Price Down 2.1%

Legend Biotech Co. (NASDAQ:LEGN)’s stock price was down 2.1% on Thursday . The stock traded as low as $55.00 and last traded at $55.71. Approximately 82,661 shares changed hands during trading, a decline of 92% from the average daily volume of 975,628 shares. The stock had previously closed at $56.93.

Analysts Set New Price Targets

LEGN has been the subject of several recent research reports. Barclays lifted their price objective on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. HC Wainwright restated a “buy” rating and issued a $87.00 price objective on shares of Legend Biotech in a report on Monday, March 18th. UBS Group lifted their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Raymond James started coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 target price on shares of Legend Biotech in a report on Thursday, March 7th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.76.

Legend Biotech Price Performance

The firm has a market cap of $9.26 billion, a PE ratio of -38.47 and a beta of 0.04. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22. The stock has a 50 day moving average price of $60.70 and a two-hundred day moving average price of $62.24.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business’s revenue was up 177.2% compared to the same quarter last year. As a group, equities analysts expect that Legend Biotech Co. will post -1.39 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in Legend Biotech by 11.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company’s stock valued at $650,332,000 after buying an additional 1,114,848 shares during the last quarter. RA Capital Management L.P. lifted its holdings in Legend Biotech by 157.1% in the second quarter. RA Capital Management L.P. now owns 6,264,707 shares of the company’s stock valued at $432,453,000 after acquiring an additional 3,828,484 shares during the period. BlackRock Inc. lifted its holdings in Legend Biotech by 14.9% in the second quarter. BlackRock Inc. now owns 4,743,594 shares of the company’s stock valued at $327,450,000 after acquiring an additional 615,641 shares during the period. Capital International Investors lifted its holdings in Legend Biotech by 0.4% in the first quarter. Capital International Investors now owns 2,810,737 shares of the company’s stock valued at $102,142,000 after acquiring an additional 11,755 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Legend Biotech by 14.6% in the first quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company’s stock valued at $94,841,000 after acquiring an additional 332,773 shares during the period. 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).