Legend Biotech (NASDAQ:LEGN) Shares Gap Down – Time to Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $35.84, but opened at $34.39. Legend Biotech shares last traded at $34.49, with a volume of 219,252 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Morgan Stanley cut their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Royal Bank Of Canada restated an “outperform” rating and set a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. Truist Financial dropped their price objective on Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Finally, Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.20.

Legend Biotech Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07. The company has a 50 day simple moving average of $32.17 and a 200-day simple moving average of $34.34. The firm has a market cap of $6.41 billion, a PE ratio of -59.13 and a beta of 0.13.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The company had revenue of $195.05 million for the quarter, compared to analysts’ expectations of $190.83 million. During the same quarter last year, the company earned ($0.16) EPS. The firm’s revenue was up 107.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors have recently modified their holdings of the stock. Westfield Capital Management Co. LP lifted its position in Legend Biotech by 21.1% during the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company’s stock valued at $234,713,000 after purchasing an additional 1,203,871 shares during the period. Suvretta Capital Management LLC bought a new position in Legend Biotech in the fourth quarter worth approximately $113,767,000. Invesco Ltd. raised its position in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock worth $107,706,000 after acquiring an additional 1,022,365 shares during the period. Braidwell LP boosted its stake in shares of Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after acquiring an additional 1,436,400 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Legend Biotech by 0.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock valued at $77,030,000 after acquiring an additional 6,708 shares during the period. 70.89% of the stock is owned by hedge funds and other institutional investors.

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).