Legend Biotech (NASDAQ:LEGN) Hits New 52-Week Low – Here’s Why

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $20.14 and last traded at $21.04, with a volume of 2562636 shares. The stock had previously closed at $23.42.

Analysts Set New Price Targets

LEGN has been the topic of a number of analyst reports. Barclays lowered their price objective on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research note on Tuesday. JPMorgan Chase & Co. lowered their price target on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Jefferies Financial Group raised shares of Legend Biotech to a “strong-buy” rating in a report on Monday. Finally, Cantor Fitzgerald dropped their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.00.

Legend Biotech Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The firm has a market capitalization of $3.70 billion, a PE ratio of -30.96 and a beta of 0.12. The company has a 50-day moving average price of $24.59 and a 200-day moving average price of $31.60.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $272.33 million during the quarter, compared to the consensus estimate of $277.91 million. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The firm’s revenue for the quarter was up 70.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.34) EPS. Sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently added to or reduced their stakes in LEGN. Clearstead Advisors LLC grew its holdings in Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC grew its holdings in Legend Biotech by 171.9% in the third 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 position in Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after purchasing an additional 622 shares during the last quarter. Hantz Financial Services Inc. increased its position in Legend Biotech by 913.0% during the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after purchasing an additional 1,890 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Legend Biotech in the 2nd quarter valued at $78,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.