Legend Biotech (NASDAQ:LEGN) Sets New 12-Month Low – Here’s What Happened

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) hit a new 52-week low on Wednesday . The company traded as low as $20.14 and last traded at $21.04, with a volume of 2562636 shares changing hands. The stock had previously closed at $23.42.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Morgan Stanley dropped their price objective on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. HC Wainwright decreased their price target on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday. Johnson Rice set a $60.00 price objective on shares of Legend Biotech in a research report on Friday, October 17th. Jefferies Financial Group set a $21.00 target price on shares of Legend Biotech in a research report on Thursday. Finally, Oppenheimer began coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus target price of $58.50.

Legend Biotech Trading Down 1.7%

The company has a market cap of $3.51 billion, a price-to-earnings ratio of -29.25 and a beta of 0.12. The business’s fifty day moving average price is $24.15 and its 200 day moving average price is $31.44. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $272.33 million during the quarter, compared to analyst estimates of $277.91 million. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.Legend Biotech’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same period last year, the company earned ($0.34) EPS. Research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LEGN. Clearstead Advisors LLC lifted its position 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 purchasing an additional 367 shares during the period. Parallel Advisors LLC lifted 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 buying an additional 662 shares during the period. OFI Invest Asset Management boosted 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 valued at $40,000 after acquiring an additional 622 shares during the last quarter. Hantz Financial Services Inc. grew its holdings in Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after acquiring an additional 1,890 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Legend Biotech in the 2nd quarter worth about $78,000. Institutional investors and hedge funds 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.