Legend Biotech (NASDAQ:LEGN) Reaches New 12-Month Low - Time to Sell?

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report)'s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $29.31 and last traded at $30.15, with a volume of 1455586 shares traded. The stock had previously closed at $32.01.

Analyst Ratings Changes

A number of brokerages recently weighed in on LEGN. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research note on Tuesday. Morgan Stanley cut their price target on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Finally, Piper Sandler reissued an "overweight" rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Legend Biotech currently has an average rating of "Moderate Buy" and a consensus price target of $79.00.

Legend Biotech Stock Performance

The stock has a 50 day moving average of $35.32 and a two-hundred day moving average of $38.24. The stock has a market capitalization of $5.88 billion, a PE ratio of -33.68 and a beta of 0.21. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $186.50 million during the quarter, compared to analysts' expectations of $179.00 million. During the same quarter last year, the business earned ($0.40) earnings per share. The business's revenue for the quarter was up 134.6% compared to the same quarter last year. Research analysts expect that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

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Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the company. Suvretta Capital Management LLC purchased a new position in shares of Legend Biotech in the fourth quarter valued at $113,767,000. Invesco Ltd. grew its position in shares of Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the last quarter. Braidwell LP increased its stake in shares of Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Legend Biotech by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock worth $69,010,000 after purchasing an additional 84,405 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new stake in Legend Biotech in the 4th quarter valued at approximately $50,493,000. 70.89% of the stock is owned by institutional investors and hedge funds.

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).