Legend Biotech (NASDAQ:LEGN) Sets New 12-Month Low at $40.31

Shares of Legend Biotech Co. (NASDAQ:LEGN) hit a new 52-week low on Thursday . The company traded as low as $40.31 and last traded at $40.61, with a volume of 298684 shares traded. The stock had previously closed at $42.60.

Analysts Set New Price Targets

LEGN has been the topic of a number of recent analyst reports. Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective on the stock in a research report on Wednesday, April 17th. Cantor Fitzgerald initiated coverage on Legend Biotech in a research note on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 target price for the company. Raymond James assumed coverage on Legend Biotech in a research note on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price for the company. UBS Group lifted their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $87.00 price objective on shares of Legend Biotech in a research note on Thursday, May 9th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $80.84.

Legend Biotech Stock Performance

The company has a market cap of $7.29 billion, a P/E ratio of -30.48 and a beta of 0.12. The firm has a 50 day moving average of $50.99 and a 200-day moving average of $57.41. The company has a quick ratio of 5.57, a current ratio of 5.66 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.13. The company had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. Legend Biotech’s revenue was up 158.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. As a group, sell-side analysts anticipate that Legend Biotech Co. will post -0.9 EPS for the current fiscal year.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Avior Wealth Management LLC lifted its holdings in shares of Legend Biotech by 2.5% during the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock valued at $445,000 after purchasing an additional 182 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Legend Biotech by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock valued at $294,000 after purchasing an additional 253 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Legend Biotech by 4.5% during 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 during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Legend Biotech by 2.6% during the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock valued at $796,000 after purchasing an additional 296 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in shares of Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

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).