Legend Biotech (NASDAQ:LEGN) Sets New 12-Month Low at $49.13

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $49.13 and last traded at $49.44, with a volume of 424442 shares changing hands. The stock had previously closed at $51.71.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LEGN shares. Raymond James initiated coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an "outperform" rating and a $86.00 target price on the stock. Cantor Fitzgerald initiated coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They issued an "overweight" rating and a $82.00 price target on the stock. Scotiabank initiated coverage on shares of Legend Biotech in a research note on Tuesday, December 19th. They issued a "sector perform" rating and a $65.00 price target on the stock. Barclays upped their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Legend Biotech has an average rating of "Moderate Buy" and an average price target of $82.70.

Legend Biotech Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. The stock's fifty day simple moving average is $60.03 and its 200-day simple moving average is $61.15. The company has a market capitalization of $9.12 billion, a P/E ratio of -33.86 and a beta of 0.01.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The company had revenue of $76.50 million during the quarter, compared to analysts' expectations of $95.63 million. The firm's revenue for the quarter was up 177.2% compared to the same quarter last year. On average, equities analysts forecast that Legend Biotech Co. will post -1.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Legend Biotech by 12.0% during the fourth quarter. Vanguard Group Inc. now owns 128,621 shares of the company's stock valued at $7,739,000 after buying an additional 13,821 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company's stock valued at $138,776,000 after buying an additional 962,381 shares during the last quarter. Krane Funds Advisors LLC raised its position in shares of Legend Biotech by 2.3% during the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company's stock valued at $1,230,000 after buying an additional 451 shares during the last quarter. Quarry LP acquired a new position in shares of Legend Biotech during the fourth quarter valued at about $45,000. Finally, Torno Capital LLC acquired a new position in shares of Legend Biotech during the fourth quarter valued at about $60,000. 70.89% of the stock is currently owned by institutional investors.

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).