Legend Biotech (NASDAQ:LEGN) Reaches New 52-Week Low at $43.92

Legend Biotech Co. (NASDAQ:LEGN)’s stock price hit a new 52-week low during trading on Tuesday . The stock traded as low as $43.92 and last traded at $44.06, with a volume of 649774 shares trading hands. The stock had previously closed at $45.14.

Analyst Ratings Changes

A number of research firms have weighed in on LEGN. UBS Group boosted their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Barclays upped their target price on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. HC Wainwright restated a “buy” rating and set a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 23rd. Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price target on the stock in a report on Wednesday, April 17th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 price objective on shares of Legend Biotech in a report on Thursday, March 7th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus target price of $82.64.

Legend Biotech Trading Down 3.1 %

The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. The stock has a market cap of $7.96 billion, a PE ratio of -29.55 and a beta of 0.01. The company has a 50 day moving average of $57.80 and a two-hundred day moving average of $59.91.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. The business had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm’s quarterly revenue was up 177.2% on a year-over-year basis. Sell-side analysts anticipate that Legend Biotech Co. will post -1.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of LEGN. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Legend Biotech by 15.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 163,130 shares of the company’s stock valued at $9,816,000 after purchasing an additional 22,376 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Legend Biotech by 101.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after buying an additional 860,410 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Legend Biotech by 71.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock worth $112,050,000 after purchasing an additional 696,096 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Legend Biotech in the 3rd quarter valued at approximately $974,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Legend Biotech by 12.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,867,032 shares of the company’s stock worth $125,409,000 after purchasing an additional 212,327 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Company Profile

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).