Legend Biotech (NASDAQ:LEGN) Shares Down 5.3% - Time to Sell?

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) traded down 5.3% during trading on Monday . The company traded as low as $33.24 and last traded at $33.25. 626,049 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 1,126,332 shares. The stock had previously closed at $35.12.

Analysts Set New Price Targets

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

Legend Biotech Trading Down 6.0 %

The company's 50 day simple moving average is $42.68 and its two-hundred day simple moving average is $47.80. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a market cap of $6.03 billion, a PE ratio of -36.97 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same quarter in the previous year, the company earned ($0.17) earnings per share. The firm's quarterly revenue was up 66.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds and other institutional investors have recently bought and sold shares of LEGN. FMR LLC lifted its position in shares of 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 in the last quarter. Massachusetts Financial Services Co. MA increased its stake in 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 period. Point72 Asset Management L.P. acquired a new stake in Legend Biotech during the 2nd quarter worth approximately $13,487,000. Westfield Capital Management Co. LP boosted its position in Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock valued at $245,526,000 after buying an additional 266,296 shares during the period. Finally, Franklin Resources Inc. purchased a new position in Legend Biotech in the 3rd quarter valued at approximately $12,837,000. 70.89% of the stock is currently owned by hedge funds and other 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).

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