Legend Biotech (NASDAQ:LEGN) Shares Down 3.5% – Should You Sell?

Shares of Legend Biotech Co. (NASDAQ:LEGN) dropped 3.5% on Friday . The company traded as low as $36.86 and last traded at $36.36. Approximately 88,951 shares changed hands during trading, a decline of 94% from the average daily volume of 1,482,003 shares. The stock had previously closed at $37.69.

Analysts Set New Price Targets

LEGN has been the topic of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler reissued an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research note on Tuesday. Finally, Redburn Atlantic initiated coverage on Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech currently has a consensus rating of “Buy” and a consensus price target of $80.62.

Legend Biotech Stock Performance

The firm’s 50-day simple moving average is $36.39 and its two-hundred day simple moving average is $45.72. The company has a market cap of $6.78 billion, a PE ratio of -38.99 and a beta of 0.16. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping 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 company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same period in the prior year, the business posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis. As a group, research analysts anticipate that Legend Biotech Co. will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

A number of hedge funds and other institutional investors have recently modified their holdings of LEGN. Avior Wealth Management LLC boosted its holdings in Legend Biotech by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after purchasing an additional 323 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Legend Biotech by 1.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after purchasing an additional 400 shares during the period. Bridgewater Associates LP increased its position in shares of Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock worth $8,088,000 after purchasing an additional 516 shares during the last quarter. Sei Investments Co. lifted its position in Legend Biotech by 1.5% in the second quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock valued at $2,059,000 after buying an additional 702 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Legend Biotech by 14.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock valued at $332,000 after acquiring an additional 837 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).