Legend Biotech (NASDAQ:LEGN) Trading Down 4.7% – What’s Next?

by · The Markets Daily

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN – Get Free Report) shares were down 4.7% during trading on Tuesday . The stock traded as low as $24.22 and last traded at $24.8970. Approximately 1,571,366 shares changed hands during trading, an increase of 6% from the average daily volume of 1,484,199 shares. The stock had previously closed at $26.12.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Morgan Stanley lifted their target price on shares of Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, August 12th. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a research note on Wednesday, November 26th. Johnson Rice set a $60.00 target price on shares of Legend Biotech in a research note on Friday, October 17th. Barclays reduced their price objective on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Legend Biotech in a research note on Monday, December 1st. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $71.50.

Read Our Latest Research Report on LEGN

Legend Biotech Price Performance

The stock has a market cap of $4.49 billion, a price-to-earnings ratio of -37.37 and a beta of 0.09. The company’s 50 day moving average is $30.72 and its 200 day moving average is $33.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Clearstead Advisors LLC boosted its position in shares of 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 buying an additional 367 shares in the last quarter. Parallel Advisors LLC increased its holdings in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares in the last quarter. OFI Invest Asset Management increased its holdings in Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after acquiring an additional 622 shares in the last quarter. Quarry LP acquired a new position in Legend Biotech during the first quarter worth about $48,000. Finally, Brooklyn Investment Group lifted its holdings in shares of Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock valued at $59,000 after purchasing an additional 1,583 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Company Profile

(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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