Legend Biotech (NASDAQ:LEGN) Hits New 1-Year Low - Here's Why

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $32.66 and last traded at $32.90, with a volume of 144191 shares changing hands. The stock had previously closed at $33.01.

Analysts Set New Price Targets

LEGN has been the subject of a number of research reports. Cantor Fitzgerald reiterated an "overweight" rating and set a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price objective for the company. Royal Bank of Canada reissued an "outperform" rating and set a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $73.00 price target on shares of Legend Biotech in a report on Tuesday, December 10th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $81.54.

Legend Biotech Stock Up 5.1 %

The company has a fifty day moving average price of $42.35 and a 200 day moving average price of $47.73. The company has a market cap of $6.33 billion, a PE ratio of -35.81 and a beta of 0.08. 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 issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The business's revenue for the quarter was up 66.9% compared to the same quarter last year. As a group, analysts anticipate that Legend Biotech Co. will post -1.23 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its stake in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company's stock worth $36,000 after buying an additional 806 shares in the last quarter. AM Squared Ltd purchased a new stake in shares of Legend Biotech in the 2nd quarter valued at $71,000. Quantbot Technologies LP bought a new position in shares of Legend Biotech during the 3rd quarter valued at $148,000. California State Teachers Retirement System raised its position in Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company's stock worth $188,000 after purchasing an additional 2,216 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Legend Biotech in the third quarter worth $212,000. 70.89% of the stock is currently owned by institutional investors.

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).