Legend Biotech (NASDAQ:LEGN) Hits New 12-Month Low – What’s Next?

Legend Biotech Co. (NASDAQ:LEGN) hit a new 52-week low on Wednesday . The stock traded as low as $36.28 and last traded at $36.36, with a volume of 191918 shares traded. The stock had previously closed at $37.90.

Wall Street Analyst Weigh In

LEGN has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research report on Tuesday. Redburn Atlantic initiated coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research report on Monday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Monday. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $81.54.

Legend Biotech Trading Down 0.4 %

The stock has a 50-day simple moving average of $42.96 and a 200 day simple moving average of $47.76. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.17) earnings per share. On average, equities analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Institutional Trading of Legend Biotech

A number of institutional investors have recently bought and sold shares of LEGN. Franklin Resources Inc. purchased a new stake in shares of Legend Biotech in the third quarter valued at $12,837,000. Geode Capital Management LLC lifted its position in shares of Legend Biotech by 3.6% in the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after acquiring an additional 17,337 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech in the third quarter valued at $229,000. Groupama Asset Managment lifted its position in shares of Legend Biotech by 20.2% in the third quarter. Groupama Asset Managment now owns 27,374 shares of the company’s stock valued at $1,329,000 after acquiring an additional 4,592 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Legend Biotech in the third quarter valued at $458,000. 70.89% of the stock is currently owned by hedge funds and other 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).