Legend Biotech (NASDAQ:LEGN) Stock Price Down 3.5% - Time to Sell?

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

Analyst Ratings Changes

A number of brokerages recently issued reports on LEGN. 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. 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. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Truist Financial reduced their price objective 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. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. One investment 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, Legend Biotech presently has an average rating of "Moderate Buy" and an average price target of $76.20.

Legend Biotech Price Performance

The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of -37.73 and a beta of 0.13. The company has a 50-day moving average price of $31.96 and a 200-day moving average price of $34.37. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

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

Hedge Funds Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers boosted its holdings in shares of Legend Biotech by 1.4% in the first 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. Alliancebernstein L.P. raised its stake in shares of Legend Biotech by 2.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,508,252 shares of the company's stock valued at $51,175,000 after purchasing an additional 32,101 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Legend Biotech by 193.5% in the first quarter. Advisors Asset Management Inc. now owns 19,825 shares of the company's stock valued at $673,000 after purchasing an additional 13,070 shares in the last quarter. Allostery Investments LP acquired a new position in shares of Legend Biotech during the first quarter worth about $161,000. Finally, Quarry LP bought a new position in shares of Legend Biotech during the first quarter worth about $48,000. 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).

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