Legend Biotech (NASDAQ:LEGN) Shares Down 4.9% - Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report)'s stock price fell 4.9% during trading on Wednesday . The stock traded as low as $33.06 and last traded at $32.63. 112,586 shares were traded during trading, a decline of 92% from the average session volume of 1,343,362 shares. The stock had previously closed at $34.30.

Analyst Ratings Changes

Several analysts have issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Wednesday, April 16th. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Truist Financial cut their target price on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 price target on shares of Legend Biotech in a research report on Wednesday, May 14th. Finally, Morgan Stanley lowered their price target 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. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $76.20.

Legend Biotech Price Performance

The stock has a market capitalization of $6.08 billion, a PE ratio of -56.13 and a beta of 0.13. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $32.33 and a 200 day moving average of $34.05.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.33. The company had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative return on equity of 21.19% and a negative net margin of 29.95%. The firm's quarterly revenue was up 107.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) EPS. Sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

Several hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position 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 buying an additional 1,544 shares during the period. New York State Common Retirement Fund boosted its stake in Legend Biotech by 196.1% during the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company's stock worth $1,929,000 after purchasing an additional 39,256 shares during the period. Bank of New York Mellon Corp grew its position in Legend Biotech by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 131,416 shares of the company's stock worth $4,276,000 after purchasing an additional 14,588 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Legend Biotech in the fourth quarter valued at $5,611,000. Finally, Aigen Investment Management LP raised its holdings in shares of Legend Biotech by 19.6% in the fourth quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock valued at $240,000 after buying an additional 1,206 shares during the last quarter. Institutional investors and hedge funds 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).

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