Legend Biotech (NASDAQ:LEGN) Reaches New 1-Year Low - Should You Sell?

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) hit a new 52-week low on Friday . The stock traded as low as $31.83 and last traded at $31.91, with a volume of 139906 shares. The stock had previously closed at $32.77.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on LEGN shares. Cantor Fitzgerald restated an "overweight" rating and set a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler restated an "overweight" rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Royal Bank of Canada restated an "outperform" rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reaffirmed a "buy" rating and set a $73.00 price target on shares of Legend Biotech in a report on Tuesday, December 10th. Finally, Redburn Atlantic initiated coverage on Legend Biotech in a report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price objective on the stock. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $80.62.

Legend Biotech Stock Performance

The stock's 50 day moving average price is $37.75 and its two-hundred day moving average price is $46.44. The firm has a market capitalization of $6.14 billion, a PE ratio of -35.39 and a beta of 0.16. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping 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 firm had revenue of $160.20 million during the quarter, compared to analysts' expectations of $143.91 million. During the same period in the previous year, the company earned ($0.17) EPS. Legend Biotech's revenue for the quarter was up 66.9% on a year-over-year basis. On average, equities analysts expect that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Hedge funds have recently modified their holdings of the stock. FMR LLC raised its stake in Legend Biotech by 4.0% during the third quarter. FMR LLC now owns 18,330,219 shares of the company's stock worth $893,232,000 after purchasing an additional 708,620 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Legend Biotech by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company's stock worth $110,868,000 after buying an additional 314,449 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Legend Biotech in the 2nd quarter worth $13,487,000. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock valued at $245,526,000 after acquiring an additional 266,296 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in Legend Biotech during the third quarter valued at about $12,837,000. 70.89% of the stock is owned by institutional investors and hedge funds.

About Legend Biotech

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).