Legend Biotech (NASDAQ:LEGN) Trading Down 3.5% - Here's What Happened

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) were down 3.5% during trading on Monday . The stock traded as low as $35.35 and last traded at $35.55. Approximately 624,660 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 1,334,541 shares. The stock had previously closed at $36.83.

Wall Street Analysts Forecast Growth

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

Legend Biotech Stock Performance

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 stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of -59.13 and a beta of 0.13. The stock's 50-day simple moving average is $32.24 and its 200 day simple moving average is $34.28.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results 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 company had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. Legend Biotech's quarterly revenue was up 107.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.16) earnings per share. Analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

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