Legend Biotech (NASDAQ:LEGN) Hits New 12-Month Low - Here's Why

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $38.43 and last traded at $38.82, with a volume of 349888 shares changing hands. The stock had previously closed at $39.89.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. HC Wainwright reiterated a "buy" rating and issued a $73.00 price target on shares of Legend Biotech in a research report on Wednesday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $86.00 target price on shares of Legend Biotech in a report on Tuesday, October 29th. Redburn Atlantic assumed coverage on Legend Biotech in a report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price target for the company. Finally, Scotiabank upped their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a "sector outperform" rating in a research report on Monday, August 12th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $81.46.

Legend Biotech Stock Performance

The stock has a market cap of $6.96 billion, a P/E ratio of -40.20 and a beta of 0.11. The firm's 50-day moving average price is $46.01 and its 200-day moving average price is $48.27. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.78.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) 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 business had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The business's revenue was up 66.9% on a year-over-year basis. Sell-side analysts expect that Legend Biotech Co. will post -1.48 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

A number of large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of Legend Biotech by 3.6% in the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock valued at $23,933,000 after purchasing an additional 17,337 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Legend Biotech in the 3rd quarter worth $229,000. Groupama Asset Managment grew its stake in shares of Legend Biotech by 20.2% in the 3rd quarter. Groupama Asset Managment now owns 27,374 shares of the company's stock worth $1,329,000 after buying an additional 4,592 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Legend Biotech during the 3rd quarter valued at about $458,000. Finally, XTX Topco Ltd bought a new position in shares of Legend Biotech in the 3rd quarter valued at about $1,840,000. 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).