Legend Biotech (NASDAQ:LEGN) Hits New 1-Year Low – Should You Sell?

Legend Biotech Co. (NASDAQ:LEGN) shares reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $38.43 and last traded at $38.82, with a volume of 349888 shares traded. The stock had previously closed at $39.89.

Analysts Set New Price Targets

Several research firms have issued reports on LEGN. HC Wainwright reiterated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday. Scotiabank boosted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Tuesday, October 29th. Finally, Redburn Atlantic assumed coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $81.46.

Legend Biotech Price Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.78 and a current ratio of 4.98. The firm has a 50-day moving average price of $46.21 and a 200 day moving average price of $48.28. The stock has a market capitalization of $7.16 billion, a P/E ratio of -40.80 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its quarterly 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. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s revenue for the quarter was up 66.9% on a year-over-year basis. During the same period last year, the business posted ($0.17) EPS. On average, analysts expect that Legend Biotech Co. will post -1.48 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Several large investors have recently added to or reduced their stakes in LEGN. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Legend Biotech by 21.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock worth $2,949,000 after acquiring an additional 9,122 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Legend Biotech by 8.0% during the first quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock worth $112,982,000 after buying an additional 148,855 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Legend Biotech by 1.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after buying an additional 140,904 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Legend Biotech by 82.7% during the first quarter. Russell Investments Group Ltd. now owns 183,741 shares of the company’s stock worth $10,306,000 after buying an additional 83,150 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in Legend Biotech by 3.9% during the first quarter. Swiss National Bank now owns 159,994 shares of the company’s stock valued at $8,974,000 after purchasing an additional 6,000 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

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).