Legend Biotech (NASDAQ:LEGN) Hits New 1-Year Low – Time to Sell?

Legend Biotech Co. (NASDAQ:LEGN) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $32.08 and last traded at $32.24, with a volume of 220146 shares traded. The stock had previously closed at $33.93.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on LEGN. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Redburn Atlantic started coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Tuesday, December 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech has a consensus rating of “Buy” and a consensus target price of $81.54.

Legend Biotech Trading Down 3.3 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm has a market capitalization of $5.99 billion, a PE ratio of -34.53 and a beta of 0.08. The stock’s 50-day moving average price is $40.36 and its 200 day moving average price is $47.25.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s revenue was up 66.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) EPS. On average, sell-side analysts expect that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of large investors have recently added to or reduced their stakes in LEGN. Westfield Capital Management Co. LP raised its stake in shares of Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after acquiring an additional 266,296 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of Legend Biotech during the third quarter worth $12,837,000. Hsbc Holdings PLC lifted its holdings in shares of Legend Biotech by 9.9% during the 2nd quarter. Hsbc Holdings PLC now owns 232,560 shares of the company’s stock valued at $10,296,000 after purchasing an additional 20,910 shares during the last quarter. Empire Life Investments Inc. boosted its position in shares of Legend Biotech by 75.2% in the 3rd quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock worth $4,809,000 after purchasing an additional 42,368 shares in the last quarter. Finally, Vestal Point Capital LP acquired a new stake in shares of Legend Biotech in the 3rd quarter worth $6,091,000. 70.89% of the stock is currently owned by institutional investors.

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).