Legend Biotech (NASDAQ:LEGN) Sets New 52-Week Low – Here’s What Happened

Legend Biotech Co. (NASDAQ:LEGN) shares hit a new 52-week low on Tuesday . The company traded as low as $32.08 and last traded at $32.24, with a volume of 220146 shares. The stock had previously closed at $33.93.

Analyst Ratings Changes

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

Legend Biotech Stock Performance

The firm has a market capitalization of $5.94 billion, a PE ratio of -34.25 and a beta of 0.08. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The business’s 50 day simple moving average is $40.83 and its two-hundred day simple moving average is $47.44.

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

Institutional Trading of Legend Biotech

Several hedge funds have recently bought and sold shares of LEGN. Exome Asset Management LLC bought a new position in shares of Legend Biotech during the 3rd quarter valued at approximately $2,290,000. Franklin Resources Inc. purchased a new stake in shares of Legend Biotech in the third quarter worth $12,837,000. Geode Capital Management LLC raised its position in shares of Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after purchasing an additional 17,337 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Legend Biotech during the 3rd quarter valued at $229,000. Finally, Groupama Asset Managment increased its stake in Legend Biotech by 20.2% in the 3rd quarter. Groupama Asset Managment now owns 27,374 shares of the company’s stock worth $1,329,000 after buying an additional 4,592 shares in 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).