Legend Biotech (NASDAQ:LEGN) Reaches New 12-Month Low – Here’s Why

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) reached a new 52-week low during trading on Tuesday . The company traded as low as $18.76 and last traded at $18.96, with a volume of 2034864 shares trading hands. The stock had previously closed at $19.01.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LEGN. TD Cowen restated a “hold” rating and issued a $21.00 price target (down from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. Barclays lowered their price objective on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Legend Biotech in a research note on Tuesday, January 20th. HC Wainwright lowered their price target on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, January 22nd. Finally, Johnson Rice set a $60.00 price objective on shares of Legend Biotech in a research report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $58.50.

Legend Biotech Price Performance

The stock has a 50 day moving average price of $23.29 and a two-hundred day moving average price of $30.83. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of -27.46 and a beta of 0.12. 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 released its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The firm had revenue of $272.33 million during the quarter, compared to analyst estimates of $277.91 million. During the same period last year, the business posted ($0.34) earnings per share. Legend Biotech’s revenue was up 70.0% compared to the same quarter last year. As a group, analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LEGN. Suvretta Capital Management LLC raised its holdings in shares of Legend Biotech by 1.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock valued at $124,505,000 after purchasing an additional 44,000 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in Legend Biotech by 20.1% in the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after buying an additional 425,684 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Legend Biotech by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after buying an additional 72,371 shares during the last quarter. Matthews International Capital Management LLC boosted its position in shares of Legend Biotech by 17.3% during the 2nd quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock worth $45,890,000 after acquiring an additional 191,165 shares in the last quarter. Finally, IvyRock Asset Management HK Ltd raised its position in shares of Legend Biotech by 3.1% during the 2nd quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock worth $30,873,000 after acquiring an additional 25,900 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

About Legend Biotech

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.