Legend Biotech (NASDAQ:LEGN) Stock Price Down 4.9% - Time to Sell?

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

Wall Street Analyst Weigh In

LEGN has been the subject of a number of recent research reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Cantor Fitzgerald reiterated an "overweight" rating and set a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright reiterated a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday, April 16th. Finally, Truist Financial cut their price objective on Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $76.20.

Legend Biotech Trading Up 3.4%

The stock has a market cap of $6.36 billion, a price-to-earnings ratio of -58.69 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 business has a 50-day moving average of $32.38 and a 200-day moving average of $33.97.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. The firm 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 business's revenue for the quarter was up 107.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.16) earnings per share. As a group, research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently bought and sold shares of the business. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 21.1% in the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after purchasing an additional 1,203,871 shares in the last quarter. Suvretta Capital Management LLC bought a new position in shares of Legend Biotech in the fourth quarter valued at approximately $113,767,000. Invesco Ltd. raised its position in shares of Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the period. Braidwell LP lifted its stake in shares of Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after buying an additional 1,436,400 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Legend Biotech by 0.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock worth $77,030,000 after buying an additional 6,708 shares during the period. 70.89% of the stock is currently 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).