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

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) reached a new 52-week low during trading on Monday . The stock traded as low as $20.58 and last traded at $20.3670, with a volume of 517386 shares traded. The stock had previously closed at $21.51.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Morgan Stanley decreased their target price on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Cantor Fitzgerald lowered their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Barclays cut their price target on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. Johnson Rice set a $60.00 price objective on Legend Biotech in a research report on Friday, October 17th. Finally, JPMorgan Chase & Co. dropped 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. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Legend Biotech Trading Down 4.4%

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 stock has a market cap of $3.80 billion, a PE ratio of -31.63 and a beta of 0.12. The stock has a 50-day moving average price of $26.90 and a two-hundred day moving average price of $32.63.

Legend Biotech (NASDAQ:LEGN) last released its quarterly 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 business had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.34) EPS. Sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors have recently bought and sold shares of the business. Clearstead Advisors LLC increased its holdings in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the last quarter. Parallel Advisors LLC grew its position in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after acquiring an additional 662 shares in the last quarter. OFI Invest Asset Management increased its stake 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 acquiring an additional 622 shares during the last quarter. Quarry LP bought a new stake in Legend Biotech during the first quarter worth approximately $48,000. Finally, Hantz Financial Services Inc. lifted its stake in shares of Legend Biotech by 913.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after purchasing an additional 1,890 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

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.