Legend Biotech (NASDAQ:LEGN) Sets New 52-Week Low – Time to Sell?

Legend Biotech Co. (NASDAQ:LEGN) shares hit a new 52-week low during trading on Friday . The stock traded as low as $31.83 and last traded at $31.91, with a volume of 139906 shares traded. The stock had previously closed at $32.77.

Wall Street Analyst Weigh In

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

Legend Biotech Stock Up 2.6 %

The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of -35.39 and a beta of 0.16. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm’s fifty day moving average price is $37.75 and its 200-day moving average price is $46.46.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $143.91 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year. Sell-side analysts expect that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Legend Biotech by 18.4% during the second quarter. Bank of New York Mellon Corp now owns 110,259 shares of the company’s stock worth $4,883,000 after purchasing an additional 17,162 shares during the period. Rhumbline Advisers lifted its holdings in Legend Biotech by 11.4% during the 2nd quarter. Rhumbline Advisers now owns 26,334 shares of the company’s stock worth $1,166,000 after buying an additional 2,704 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Legend Biotech by 18.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 11,572 shares of the company’s stock valued at $514,000 after buying an additional 1,792 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Legend Biotech by 0.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company’s stock valued at $68,266,000 after buying an additional 4,285 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Legend Biotech by 3.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,960,709 shares of the company’s stock valued at $86,840,000 after buying an additional 69,913 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).