Legend Biotech (NASDAQ:LEGN) Reaches New 12-Month Low – What’s Next?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) reached a new 52-week low on Monday . The stock traded as low as $20.58 and last traded at $20.3670, with a volume of 517386 shares changing hands. The stock had previously closed at $21.51.

Analyst Upgrades and Downgrades

Several research firms have commented on LEGN. UBS Group dropped their price objective on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, December 8th. Barclays dropped their price target on shares of Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a research report on Wednesday, November 26th. Morgan Stanley dropped their target price on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. Finally, Johnson Rice set a $60.00 target price on Legend Biotech in a research note on Friday, October 17th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $67.00.

Legend Biotech Trading Down 4.4%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. The company has a market capitalization of $3.80 billion, a P/E ratio of -31.63 and a beta of 0.12. The company’s fifty day simple moving average is $26.90 and its 200-day simple moving average is $32.63.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) 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 during the quarter, compared to analyst estimates of $277.91 million. During the same quarter in the previous year, the business posted ($0.34) EPS. The company’s quarterly revenue was up 70.0% compared to the same quarter last year. Research analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Artisan Partners Limited Partnership lifted its stake in shares of Legend Biotech by 87.5% during the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock worth $75,319,000 after purchasing an additional 990,500 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Legend Biotech in the second quarter worth about $15,790,000. Jump Financial LLC lifted its position in shares of Legend Biotech by 302.4% during the third quarter. Jump Financial LLC now owns 403,211 shares of the company’s stock valued at $13,149,000 after buying an additional 303,008 shares during the last quarter. Stempoint Capital LP bought a new stake in shares of Legend Biotech in the 2nd quarter valued at about $9,587,000. Finally, Rakuten Investment Management Inc. purchased a new position in shares of Legend Biotech in the 3rd quarter worth approximately $7,581,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

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.