Legend Biotech (NASDAQ:LEGN) Shares Gap Down - Here's Why

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) 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.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. Morgan Stanley reduced their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $76.20.

Legend Biotech Stock Performance

The company's fifty day simple moving average is $32.24 and its 200 day simple moving average is $34.28. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted 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. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The firm had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. During the same quarter in the previous year, the firm posted ($0.16) EPS. The business's revenue for the quarter was up 107.8% compared to the same quarter last year. On average, analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after acquiring an additional 765 shares in the last quarter. Quarry LP bought a new stake in Legend Biotech during the 1st quarter valued at $48,000. Signaturefd LLC raised its stake in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after purchasing an additional 1,579 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Legend Biotech in the fourth quarter valued at about $56,000. Finally, Brooklyn Investment Group lifted its holdings in Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after acquiring an additional 1,583 shares during the period. 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).