Legend Biotech (NASDAQ:LEGN) Sets New 52-Week Low – Here’s Why

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $17.00 and last traded at $17.1850, with a volume of 121546 shares traded. The stock had previously closed at $17.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $66.00 target price on shares of Legend Biotech in a research note on Tuesday, January 20th. Jefferies Financial Group set a $21.00 price objective on shares of Legend Biotech in a report on Thursday, January 22nd. Johnson Rice set a $60.00 price target on shares of Legend Biotech in a research note on Friday, October 17th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.50.

Legend Biotech Stock Performance

The company’s 50-day simple moving average is $22.68 and its 200-day simple moving average is $30.29. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -25.58 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The company had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. During the same quarter in the prior year, the business posted ($0.34) EPS. Legend Biotech’s quarterly revenue was up 70.0% on a year-over-year basis. Analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC grew its position in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC raised its stake in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the period. OFI Invest Asset Management grew its stake in Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after acquiring an additional 622 shares during the period. Hantz Financial Services Inc. increased its holdings in Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after purchasing an additional 1,890 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Legend Biotech during the second quarter worth about $78,000. Institutional investors own 70.89% of the company’s stock.

About Legend Biotech

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.