Legend Biotech (NASDAQ:LEGN) Hits New 52-Week Low – What’s Next?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) hit a new 52-week low during trading on Monday . The company traded as low as $26.33 and last traded at $25.9960, with a volume of 1962173 shares trading hands. The stock had previously closed at $28.17.

Analyst Upgrades and Downgrades

LEGN has been the topic of several research reports. JPMorgan Chase & Co. lowered their price objective on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. Barclays decreased their price target on shares of Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a research report on Thursday, November 13th. Morgan Stanley lifted their price target on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, August 12th. HC Wainwright reduced their price objective on shares of Legend Biotech from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Finally, Royal Bank Of Canada decreased their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “outperform” rating for the company in a research report on Thursday, November 13th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.10.

Legend Biotech Stock Down 3.6%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. The firm’s 50 day moving average price is $32.11 and its two-hundred day moving average price is $34.17. The company has a market cap of $5.01 billion, a P/E ratio of -41.77 and a beta of 0.17.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The business had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. During the same period last year, the company posted ($0.34) earnings per share. The business’s quarterly revenue was up 70.0% on a year-over-year basis. Equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently added to or reduced their stakes in the company. Clearstead Advisors LLC increased its holdings in shares of Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares in the last quarter. Parallel Advisors LLC grew its position in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after purchasing an additional 662 shares during the period. OFI Invest Asset Management increased its stake in Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after purchasing an additional 622 shares in the last quarter. Quarry LP acquired a new position in Legend Biotech during the first quarter worth $48,000. Finally, Brooklyn Investment Group lifted its stake in shares of Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock valued at $59,000 after buying an additional 1,583 shares in the last quarter. 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).