Legend Biotech (NASDAQ:LEGN) Sets New 52-Week Low – Time to Sell?

by · The Markets Daily

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN – Get Free Report)’s share price hit a new 52-week low during trading on Monday . The stock traded as low as $25.38 and last traded at $24.6240, with a volume of 950463 shares trading hands. The stock had previously closed at $28.13.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Barclays reduced their price target on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating on the stock in a research report on Thursday, November 13th. JPMorgan Chase & Co. reduced their target price on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Johnson Rice set a $60.00 target price on Legend Biotech in a research report on Friday, October 17th. HC Wainwright reiterated a “buy” rating on shares of Legend Biotech in a research report on Wednesday, November 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Legend Biotech in a report on Monday. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $71.50.

View Our Latest Stock Analysis on LEGN

Legend Biotech Stock Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The company has a market cap of $4.41 billion, a price-to-earnings ratio of -36.74 and a beta of 0.09. The stock has a 50-day moving average price of $30.55 and a 200 day moving average price of $33.96.

Legend Biotech (NASDAQ:LEGN – Get Free Report) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. During the same period in the prior year, the business earned ($0.34) EPS. Legend Biotech’s revenue for the quarter was up 70.0% compared to the same quarter last year. As a group, analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC boosted its stake in Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after purchasing an additional 367 shares during the period. Parallel Advisors LLC boosted its position in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the period. OFI Invest Asset Management boosted its position in shares of Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after buying an additional 622 shares during the period. Quarry LP bought a new position in shares of Legend Biotech during the first quarter worth about $48,000. Finally, Brooklyn Investment Group raised its position in Legend Biotech by 1,114.8% in the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock valued at $59,000 after buying an additional 1,583 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

About Legend Biotech

(Get Free Report)

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).

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