Legend Biotech (NASDAQ:LEGN) Shares Down 5.3% – What’s Next?

Shares of Legend Biotech Co. (NASDAQ:LEGN) were down 5.3% during mid-day trading on Monday . The company traded as low as $33.24 and last traded at $33.25. Approximately 626,049 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 1,126,332 shares. The stock had previously closed at $35.12.

Wall Street Analysts Forecast Growth

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

Legend Biotech Stock Performance

The firm has a fifty day simple moving average of $42.68 and a 200-day simple moving average of $47.80. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.03 billion, a PE ratio of -36.97 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) EPS. On average, research analysts forecast that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently modified their holdings of the business. Exome Asset Management LLC purchased a new position in Legend Biotech during the 3rd quarter worth $2,290,000. Franklin Resources Inc. purchased a new position in shares of Legend Biotech during the third quarter worth about $12,837,000. Geode Capital Management LLC increased its position in Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after acquiring an additional 17,337 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Legend Biotech during the 3rd quarter valued at approximately $229,000. Finally, Groupama Asset Managment lifted its position in Legend Biotech by 20.2% during the 3rd quarter. Groupama Asset Managment now owns 27,374 shares of the company’s stock worth $1,329,000 after acquiring an additional 4,592 shares during the period. 70.89% of the stock is 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).