Legend Biotech (NASDAQ:LEGN) Trading Down 1.8% – Should You Sell?

Legend Biotech Co. (NASDAQ:LEGN) was down 1.8% on Friday . The company traded as low as $37.47 and last traded at $37.36. Approximately 108,480 shares changed hands during trading, a decline of 91% from the average daily volume of 1,178,434 shares. The stock had previously closed at $38.05.

Analyst Ratings Changes

A number of equities research analysts have weighed in on LEGN shares. Piper Sandler restated an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research note on Wednesday. Finally, HC Wainwright boosted their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average price target of $79.09.

Legend Biotech Stock Performance

The firm has a market capitalization of $6.79 billion, a P/E ratio of -39.16 and a beta of 0.19. The stock has a 50-day moving average of $35.68 and a 200 day moving average of $40.85. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.46. The firm had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business’s revenue for the quarter was up 134.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.40) EPS. On average, research analysts anticipate that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in shares of Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after acquiring an additional 1,579 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in Legend Biotech during the fourth quarter worth approximately $56,000. Shell Asset Management Co. raised its position in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after buying an additional 800 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $77,000. Finally, Quadrant Capital Group LLC increased its stake in Legend Biotech by 4,296.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock valued at $124,000 after acquiring an additional 3,738 shares during the last quarter. Institutional investors 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).