Legend Biotech (NASDAQ:LEGN) Reaches New 52-Week Low Following Analyst Downgrade

Shares of Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) reached a new 52-week low during trading on Thursday after Truist Financial lowered their price target on the stock from $88.00 to $71.00. Truist Financial currently has a buy rating on the stock. Legend Biotech traded as low as $27.54 and last traded at $27.80, with a volume of 4184571 shares traded. The stock had previously closed at $31.08.

Other analysts also recently issued reports about the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a report on Tuesday, April 22nd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 target price on shares of Legend Biotech in a report on Wednesday, May 14th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Morgan Stanley dropped their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Finally, HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $74.73.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. raised its position in Legend Biotech by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock valued at $71,000 after buying an additional 377 shares during the period. Rhumbline Advisers increased its stake in Legend Biotech by 1.4% in the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock valued at $951,000 after buying an additional 391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Legend Biotech by 1.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company's stock valued at $1,887,000 after buying an additional 579 shares during the period. GAMMA Investing LLC increased its stake in Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after buying an additional 765 shares during the period. Finally, Shell Asset Management Co. increased its stake in Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after buying an additional 800 shares during the period. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Trading Up 3.3%

The stock has a market cap of $5.52 billion, a price-to-earnings ratio of -31.65 and a beta of 0.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The company's 50 day simple moving average is $33.13 and its two-hundred day simple moving average is $35.58.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.33. The firm had revenue of $195.05 million for the quarter, compared to analyst estimates of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company's revenue for the quarter was up 107.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS. Research analysts expect that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

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).