Legend Biotech (NASDAQ:LEGN) Shares Gap Down – Here’s What Happened

Shares of Legend Biotech Co. (NASDAQ:LEGN) gapped down before the market opened on Tuesday . The stock had previously closed at $35.84, but opened at $34.39. Legend Biotech shares last traded at $34.49, with a volume of 219,252 shares trading hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on LEGN shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of Legend Biotech in a report on Wednesday, April 16th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Finally, Truist Financial lowered their target price on Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday, May 14th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $76.20.

Legend Biotech Trading Down 3.0%

The firm’s 50-day simple moving average is $32.06 and its 200 day simple moving average is $34.33. 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 firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of -36.61 and a beta of 0.13.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. During the same period in the prior year, the company earned ($0.16) EPS. Legend Biotech’s revenue for the quarter was up 107.8% on a year-over-year basis. Equities analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Asset Management One Co. Ltd. increased its holdings in shares of Legend Biotech by 26.1% during the fourth quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company’s stock worth $360,000 after buying an additional 2,297 shares in the last quarter. Rhumbline Advisers boosted its stake in Legend Biotech by 5.9% during the fourth quarter. Rhumbline Advisers now owns 27,638 shares of the company’s stock worth $899,000 after acquiring an additional 1,544 shares in the last quarter. New York State Common Retirement Fund increased its position in Legend Biotech by 196.1% in the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company’s stock valued at $1,929,000 after buying an additional 39,256 shares in the last quarter. Alberta Investment Management Corp raised its position in shares of Legend Biotech by 143.3% during the fourth quarter. Alberta Investment Management Corp now owns 135,259 shares of the company’s stock worth $4,401,000 after purchasing an additional 79,663 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Legend Biotech by 12.5% in the fourth quarter. Bank of New York Mellon Corp now owns 131,416 shares of the company’s stock valued at $4,276,000 after buying an additional 14,588 shares in the last quarter. 70.89% of the stock is 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).