Legend Biotech (NASDAQ:LEGN) Stock Price Down 6.5% – Should You Sell?

Legend Biotech Co. (NASDAQ:LEGN)’s stock price was down 6.5% during trading on Tuesday . The company traded as low as $38.84 and last traded at $38.92. Approximately 273,431 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 1,115,495 shares. The stock had previously closed at $41.63.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on LEGN shares. Scotiabank upped their target price on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday. Redburn Atlantic started coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research note on Tuesday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Monday. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $81.54.

Legend Biotech Price Performance

The company has a market cap of $6.95 billion, a PE ratio of -40.97 and a beta of 0.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a 50-day moving average price of $43.65 and a two-hundred day moving average price of $47.96.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same quarter last year, the company earned ($0.17) earnings per share. Legend Biotech’s revenue for the quarter was up 66.9% on a year-over-year basis. Sell-side analysts expect that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors have recently added to or reduced their stakes in LEGN. Blue Trust Inc. increased its position in shares of Legend Biotech by 10,075.0% during the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after acquiring an additional 806 shares during the last quarter. AM Squared Ltd acquired a new stake in Legend Biotech during the 2nd quarter valued at approximately $71,000. Quantbot Technologies LP purchased a new stake in Legend Biotech during the 3rd quarter worth approximately $148,000. California State Teachers Retirement System boosted its stake in shares of Legend Biotech by 196.3% during the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after buying an additional 2,216 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Legend Biotech during the 3rd quarter valued at approximately $212,000. Institutional investors and hedge funds 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).