Legend Biotech (NASDAQ:LEGN) Stock Price Down 2.1%

Legend Biotech Co. (NASDAQ:LEGN) shares traded down 2.1% during mid-day trading on Thursday . The company traded as low as $55.00 and last traded at $55.71. 82,661 shares traded hands during trading, a decline of 92% from the average session volume of 975,628 shares. The stock had previously closed at $56.93.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $87.00 price objective on shares of Legend Biotech in a research report on Monday, March 18th. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research report on Thursday, March 7th. UBS Group lifted their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Scotiabank initiated coverage on Legend Biotech in a research report on Tuesday, December 19th. They issued a “sector perform” rating and a $65.00 price target for the company. Finally, Barclays boosted their price target on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus target price of $82.76.

Legend Biotech Price Performance

The company has a market cap of $9.26 billion, a P/E ratio of -38.47 and a beta of 0.04. The company has a fifty day moving average price of $60.70 and a two-hundred day moving average price of $62.24. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The business had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. The firm’s revenue for the quarter was up 177.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Legend Biotech Co. will post -1.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently bought and sold shares of LEGN. BluePath Capital Management LLC bought a new position in shares of Legend Biotech during the third quarter worth approximately $32,000. American International Group Inc. bought a new position in shares of Legend Biotech during the second quarter worth approximately $33,000. Lazard Asset Management LLC bought a new position in shares of Legend Biotech during the fourth quarter worth approximately $33,000. Coppell Advisory Solutions LLC bought a new position in shares of Legend Biotech during the second quarter worth approximately $41,000. Finally, Quarry LP bought a new position in shares of Legend Biotech during the fourth quarter worth approximately $45,000. 70.89% of the stock is currently 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).