Legend Biotech (NASDAQ:LEGN) Trading Down 1.8% – Time to Sell?

Legend Biotech Co. (NASDAQ:LEGN)’s share price traded down 1.8% during trading on Friday . The stock traded as low as $37.47 and last traded at $37.36. 108,480 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,178,434 shares. The stock had previously closed at $38.05.

Analyst Ratings Changes

Several brokerages have recently weighed in on LEGN. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research note on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler reiterated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Finally, HC Wainwright increased their price target on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus target price of $79.09.

Legend Biotech Stock Down 2.2 %

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 firm has a market cap of $6.79 billion, a price-to-earnings ratio of -39.16 and a beta of 0.19. The firm has a 50-day moving average price of $35.68 and a two-hundred day moving average price of $40.85.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. During the same quarter in the previous year, the business earned ($0.40) earnings per share. The firm’s revenue for the quarter was up 134.6% on a year-over-year basis. On average, sell-side analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently modified their holdings of the stock. Signaturefd LLC raised its stake in shares of Legend Biotech by 1,052.7% during the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after purchasing an additional 1,579 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in Legend Biotech in the fourth quarter valued at $56,000. Shell Asset Management Co. grew its holdings in Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after purchasing an additional 800 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of Legend Biotech during the fourth quarter valued at $77,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of Legend Biotech by 4,296.6% during the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock valued at $124,000 after acquiring an additional 3,738 shares during the last quarter. Hedge funds and other institutional investors 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).