Legend Biotech (NASDAQ:LEGN) Sets New 52-Week Low – Should You Sell?

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on LEGN. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a report on Tuesday, January 20th. Johnson Rice set a $60.00 price objective on shares of Legend Biotech in a research note on Friday, October 17th. HC Wainwright cut their price target on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, January 22nd. TD Cowen reiterated a “hold” rating and set a $21.00 target price (down previously from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price objective 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. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $57.67.

Legend Biotech Stock Performance

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 stock’s 50-day simple moving average is $22.23 and its 200 day simple moving average is $30.02. The company has a market cap of $3.08 billion, a PE ratio of -25.69 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data 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 firm had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. During the same quarter last year, the business earned ($0.34) earnings per share. The business’s revenue for the quarter was up 70.0% compared to the same quarter last year. As a group, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

Institutional investors have recently modified their holdings of the company. Artisan Partners Limited Partnership boosted its holdings in Legend Biotech by 87.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock worth $75,319,000 after acquiring an additional 990,500 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Legend Biotech in the 2nd quarter valued at approximately $15,790,000. SG Americas Securities LLC lifted its position in shares of Legend Biotech by 6,774.9% in the 4th quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock worth $8,081,000 after buying an additional 366,321 shares during the last quarter. Jump Financial LLC boosted its stake in Legend Biotech by 302.4% in the third quarter. Jump Financial LLC now owns 403,211 shares of the company’s stock valued at $13,149,000 after acquiring an additional 303,008 shares during the period. Finally, Stempoint Capital LP acquired a new stake in Legend Biotech in the second quarter worth $9,587,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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.