Legend Biotech (NASDAQ:LEGN) Reaches New 52-Week Low – What’s Next?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $22.20 and last traded at $22.2670, with a volume of 22163 shares traded. The stock had previously closed at $22.32.

Analysts Set New Price Targets

A number of analysts recently issued reports on LEGN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Legend Biotech in a research report on Monday, December 8th. Morgan Stanley reduced their price target on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a report on Friday. JPMorgan Chase & Co. dropped their price objective on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Johnson Rice set a $60.00 target price on shares of Legend Biotech in a research report on Friday, October 17th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $74.00 price target on shares of Legend Biotech in a research note on Monday, December 8th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus price target of $68.20.

Legend Biotech Stock Performance

The company has a market cap of $4.10 billion, a price-to-earnings ratio of -34.05 and a beta of 0.09. 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 firm has a fifty day simple moving average of $29.98 and a 200 day simple moving average of $33.83.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data 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 the consensus estimate of $277.91 million. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. Legend Biotech’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.34) EPS. On average, sell-side analysts expect 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

Several large investors have recently made changes to their positions in the business. Suvretta Capital Management LLC boosted its stake in Legend Biotech by 1.2% during 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 during the period. Artisan Partners Limited Partnership lifted its holdings in shares of Legend Biotech by 20.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after buying an additional 425,684 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Legend Biotech by 4.6% in the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after acquiring an additional 72,371 shares during the period. Matthews International Capital Management LLC increased its position in Legend Biotech by 17.3% during the second 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 during the period. Finally, IvyRock Asset Management HK Ltd raised its stake in Legend Biotech by 3.1% during the 2nd quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock valued at $30,873,000 after purchasing an additional 25,900 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).