Legend Biotech (NASDAQ:LEGN) Trading Down 9.3% – What’s Next?

Legend Biotech Co. (NASDAQ:LEGN)’s share price fell 9.3% during trading on Monday . The company traded as low as $30.17 and last traded at $30.50. 130,169 shares traded hands during trading, a decline of 90% from the average session volume of 1,354,237 shares. The stock had previously closed at $33.62.

Analyst Ratings Changes

A number of research firms have issued reports on LEGN. Piper Sandler restated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Redburn Atlantic started coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Tuesday, December 10th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $80.62.

Legend Biotech Stock Down 5.1 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The company has a market cap of $5.82 billion, a PE ratio of -33.57 and a beta of 0.16. The company has a fifty day moving average of $37.75 and a two-hundred day moving average of $46.47.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. During the same quarter in the previous year, the business earned ($0.17) earnings per share. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year. As a group, analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LEGN. Diversified Trust Co raised its position in Legend Biotech by 27.6% during the 4th quarter. Diversified Trust Co now owns 45,288 shares of the company’s stock valued at $1,474,000 after purchasing an additional 9,784 shares in the last quarter. Nordea Investment Management AB boosted its position in Legend Biotech by 14.2% during the 4th quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after acquiring an additional 33,024 shares in the last quarter. Exome Asset Management LLC purchased a new position in shares of Legend Biotech in the 3rd quarter valued at $2,290,000. Franklin Resources Inc. bought a new position in shares of Legend Biotech in the 3rd quarter worth $12,837,000. Finally, Geode Capital Management LLC lifted its stake in shares of Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

About Legend Biotech

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).