Legend Biotech (NASDAQ:LEGN) Stock Price Down 3.8% - What's Next?

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) shares traded down 3.8% during trading on Tuesday . The stock traded as low as $28.19 and last traded at $28.22. 292,360 shares changed hands during trading, a decline of 77% from the average session volume of 1,289,180 shares. The stock had previously closed at $29.32.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on LEGN shares. Royal Bank of Canada reissued an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. 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. Cantor Fitzgerald reissued an "overweight" rating and issued a $55.00 price objective on shares of Legend Biotech in a report on Wednesday, May 14th. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Finally, Truist Financial decreased 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 note on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Legend Biotech presently has a consensus rating of "Moderate Buy" and an average price target of $76.20.

Legend Biotech Stock Up 6.8%

The company has a market capitalization of $5.58 billion, a PE ratio of -31.96 and a beta of 0.13. The firm has a 50-day simple moving average of $31.45 and a 200 day simple moving average of $34.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.07) 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 29.69% and a negative net margin of 66.92%. The business's revenue was up 107.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.16) EPS. On average, research analysts predict that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently modified their holdings of the stock. Suvretta Capital Management LLC acquired a new stake in Legend Biotech during the fourth quarter valued at approximately $113,767,000. Deerfield Management Company L.P. Series C acquired a new position in Legend Biotech during the 4th quarter valued at approximately $50,493,000. Braidwell LP increased its holdings in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after acquiring an additional 1,436,400 shares during the period. Westfield Capital Management Co. LP boosted its position in shares of Legend Biotech by 21.1% during the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after buying an additional 1,203,871 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Legend Biotech by 44.7% during 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. 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).