Legend Biotech (NASDAQ:LEGN) Stock Price Down 9.3% - Here's What Happened

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) shares were down 9.3% on Monday . The stock traded as low as $30.17 and last traded at $30.50. Approximately 130,169 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,354,237 shares. The stock had previously closed at $33.62.

Wall Street Analyst Weigh In

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

Legend Biotech Stock Down 3.3 %

The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The stock has a 50-day simple moving average of $37.53 and a two-hundred day simple moving average of $46.39. The firm has a market cap of $5.94 billion, a PE ratio of -34.21 and a beta of 0.16.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its 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. The company had revenue of $160.20 million for the quarter, compared to analysts' expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm's revenue was up 66.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) EPS. Analysts expect that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently added to or reduced their stakes in LEGN. FMR LLC raised its stake 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 valued at $893,232,000 after acquiring an additional 708,620 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings 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 valued at $110,868,000 after purchasing an additional 314,449 shares during the period. Point72 Asset Management L.P. bought a new position in Legend Biotech during the 2nd quarter valued at approximately $13,487,000. Westfield Capital Management Co. LP lifted its holdings 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 worth $245,526,000 after buying an additional 266,296 shares during the period. Finally, Franklin Resources Inc. bought a new stake in shares of Legend Biotech in the 3rd quarter worth approximately $12,837,000. Hedge funds and other 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).