Legend Biotech (NASDAQ:LEGN) Reaches New 1-Year Low – Here’s Why

Legend Biotech Co. (NASDAQ:LEGN) shares reached a new 52-week low on Wednesday . The stock traded as low as $36.28 and last traded at $36.36, with a volume of 191918 shares traded. The stock had previously closed at $37.90.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LEGN. HC Wainwright reiterated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research note on Tuesday. Redburn Atlantic began coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech currently has a consensus rating of “Buy” and an average target price of $81.54.

Legend Biotech Stock Down 4.7 %

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 firm has a market cap of $6.62 billion, a price-to-earnings ratio of -39.89 and a beta of 0.08. The stock’s 50 day moving average is $43.46 and its 200 day moving average is $47.94.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its holdings in Legend Biotech by 4.0% during the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after buying an additional 708,620 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Legend Biotech by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after buying an additional 314,449 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Legend Biotech by 0.3% during the second quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company’s stock worth $68,266,000 after buying an additional 4,285 shares in the last quarter. Finally, State Street Corp boosted its holdings in Legend Biotech by 0.4% during the third quarter. State Street Corp now owns 1,140,222 shares of the company’s stock worth $55,563,000 after buying an additional 4,735 shares in the last quarter. Institutional investors and hedge funds 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).