Legend Biotech (NASDAQ:LEGN) Hits New 52-Week Low on Analyst Downgrade

Legend Biotech Co. (NASDAQ:LEGN)’s stock price reached a new 52-week low on Thursday after Truist Financial lowered their price target on the stock from $88.00 to $71.00. Truist Financial currently has a buy rating on the stock. Legend Biotech traded as low as $27.54 and last traded at $27.80, with a volume of 4184571 shares. The stock had previously closed at $31.08.

A number of other research firms have also weighed in on LEGN. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of Legend Biotech in a research note on Wednesday. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. Finally, Morgan Stanley cut their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.73.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently made changes to their positions in the business. GF Fund Management CO. LTD. boosted its holdings in Legend Biotech by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock worth $71,000 after acquiring an additional 377 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Legend Biotech by 1.4% in the first quarter. Rhumbline Advisers now owns 28,029 shares of the company’s stock valued at $951,000 after purchasing an additional 391 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Legend Biotech by 1.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company’s stock valued at $1,887,000 after purchasing an additional 579 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after purchasing an additional 765 shares in the last quarter. Finally, Shell Asset Management Co. lifted its holdings in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Down 10.6%

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 stock has a fifty day moving average price of $33.79 and a two-hundred day moving average price of $36.09. The company has a market cap of $5.11 billion, a P/E ratio of -29.26 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.33. The company had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. On average, research analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.

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).