Legend Biotech (NASDAQ:LEGN) Stock Price Down 5.3% – What’s Next?

Legend Biotech Co. (NASDAQ:LEGN) shares were down 5.3% during mid-day trading on Monday . The company traded as low as $33.24 and last traded at $33.25. Approximately 626,049 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 1,126,332 shares. The stock had previously closed at $35.12.

Analyst Ratings Changes

Several analysts have recently weighed in on LEGN shares. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Tuesday, December 10th. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Redburn Atlantic started coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $81.54.

Legend Biotech Trading Down 2.0 %

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 business has a 50 day moving average of $41.79 and a two-hundred day moving average of $47.60. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of -35.76 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) earnings per share. Equities analysts predict that Legend Biotech Co. will post -1.23 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in Legend Biotech by 4.0% in the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after acquiring an additional 708,620 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Legend Biotech by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after acquiring an additional 314,449 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Legend Biotech during the 2nd quarter valued at $13,487,000. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after acquiring an additional 266,296 shares during the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Legend Biotech in the 3rd quarter worth $12,837,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).