Legend Biotech (NASDAQ:LEGN) Trading Down 4.7% – Should You Sell?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) dropped 4.7% on Tuesday . The company traded as low as $24.22 and last traded at $24.8970. Approximately 1,571,366 shares were traded during trading, an increase of 6% from the average daily volume of 1,484,199 shares. The stock had previously closed at $26.12.

Analysts Set New Price Targets

LEGN has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Legend Biotech in a report on Monday. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a report on Wednesday, November 26th. Barclays dropped their price objective on shares of Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a report on Thursday, November 13th. JPMorgan Chase & Co. reduced their target price on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Finally, Cantor Fitzgerald upped their price target on shares of Legend Biotech from $66.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, November 13th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $71.50.

Legend Biotech Stock Performance

The stock’s 50-day moving average price is $30.36 and its 200-day moving average price is $33.88. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating 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 business had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. During the same quarter in the previous year, the business earned ($0.34) earnings per share. Legend Biotech’s revenue for the quarter was up 70.0% on a year-over-year basis. On average, equities research analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of the business. Suvretta Capital Management LLC increased its stake in shares of Legend Biotech by 1.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock valued at $124,505,000 after acquiring an additional 44,000 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Legend Biotech by 20.1% in the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after purchasing an additional 425,684 shares during the period. Alliancebernstein L.P. increased its stake in Legend Biotech by 4.6% in the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after purchasing an additional 72,371 shares in the last quarter. Matthews International Capital Management LLC raised its holdings in shares of Legend Biotech by 17.3% during the second quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock valued at $45,890,000 after purchasing an additional 191,165 shares during the period. Finally, IvyRock Asset Management HK Ltd raised its holdings in shares of Legend Biotech by 3.1% during the second quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock valued at $30,873,000 after purchasing an additional 25,900 shares during the period. 70.89% of the stock is currently owned by institutional investors.

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).