Legend Biotech (NASDAQ:LEGN) Stock Price Down 1.8% – Here’s What Happened

Legend Biotech Co. (NASDAQ:LEGN) traded down 1.8% during trading on Friday . The stock traded as low as $37.47 and last traded at $37.36. 108,480 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,178,434 shares. The stock had previously closed at $38.05.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Guggenheim restated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Finally, HC Wainwright upped their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and an average target price of $79.09.

Legend Biotech Stock Down 2.6 %

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 has a 50 day moving average of $35.65 and a 200-day moving average of $41.10. The stock has a market cap of $6.77 billion, a PE ratio of -38.99 and a beta of 0.19.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. During the same quarter in the prior year, the firm earned ($0.40) EPS. Legend Biotech’s revenue for the quarter was up 134.6% on a year-over-year basis. Equities research analysts predict that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Avior Wealth Management LLC lifted its position in Legend Biotech by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after acquiring an additional 323 shares during the period. Bridgewater Associates LP lifted its holdings in shares of Legend Biotech by 0.3% during the third 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 period. Shell Asset Management Co. grew its position in Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after buying an additional 800 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Legend Biotech by 12.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock valued at $238,000 after buying an additional 835 shares during the period. Finally, Advisors Asset Management Inc. raised its position in Legend Biotech by 14.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after buying an additional 837 shares during the last quarter. Hedge funds and other 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).