Legend Biotech (NASDAQ:LEGN) Trading Down 5.3% – Here’s What Happened

Legend Biotech Co. (NASDAQ:LEGN)’s stock price dropped 5.3% during trading on Monday . The company traded as low as $33.24 and last traded at $33.25. Approximately 626,049 shares changed hands during 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

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

Legend Biotech Stock Performance

The company has a market cap of $6.20 billion, a P/E ratio of -35.76 and a beta of 0.08. The stock’s 50-day moving average price is $41.79 and its 200-day moving average price is $47.60. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

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

Institutional Trading of Legend Biotech

Several large investors have recently modified their holdings of the stock. Avior Wealth Management LLC lifted its stake in Legend Biotech by 3.0% during the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after purchasing an additional 323 shares during the last quarter. Public Sector Pension Investment Board increased its position in Legend Biotech by 1.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after purchasing an additional 400 shares in the last quarter. Bridgewater Associates LP lifted its stake in Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after purchasing an additional 516 shares during the last quarter. Sei Investments Co. lifted its stake in Legend Biotech by 1.5% in the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock valued at $2,059,000 after purchasing an additional 702 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after buying an additional 806 shares in the last quarter. 70.89% of the stock is 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).