Legend Biotech (NASDAQ:LEGN) Stock Price Down 2.1%

Legend Biotech Co. (NASDAQ:LEGN)’s stock price was down 2.1% on Thursday . The company traded as low as $55.00 and last traded at $55.71. Approximately 82,661 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 975,628 shares. The stock had previously closed at $56.93.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on LEGN shares. HC Wainwright reaffirmed a “buy” rating and issued a $87.00 target price on shares of Legend Biotech in a research report on Monday, March 18th. Raymond James initiated coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research report on Thursday, March 7th. UBS Group increased their price objective on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Barclays increased their price objective on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.76.

Legend Biotech Stock Performance

The business’s fifty day moving average price is $60.70 and its 200-day moving average price is $62.24. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. The stock has a market cap of $9.26 billion, a PE ratio of -38.47 and a beta of 0.04.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $76.50 million for the quarter, compared to analysts’ expectations of $95.63 million. The company’s revenue for the quarter was up 177.2% compared to the same quarter last year. As a group, equities research analysts forecast that Legend Biotech Co. will post -1.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently made changes to their positions in LEGN. Avior Wealth Management LLC raised its stake in Legend Biotech by 2.5% during the 4th quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock worth $445,000 after acquiring an additional 182 shares during the period. Public Sector Pension Investment Board raised its stake in Legend Biotech by 1.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 20,689 shares of the company’s stock worth $1,390,000 after acquiring an additional 220 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in Legend Biotech by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after acquiring an additional 253 shares during the period. Teacher Retirement System of Texas raised its stake in Legend Biotech by 2.6% during the 3rd quarter. Teacher Retirement System of Texas now owns 11,849 shares of the company’s stock worth $796,000 after acquiring an additional 296 shares during the period. Finally, OLD Mission Capital LLC raised its stake in Legend Biotech by 6.1% during the 4th quarter. OLD Mission Capital LLC now owns 5,171 shares of the company’s stock worth $311,000 after acquiring an additional 298 shares during the period. Institutional investors own 70.89% of the company’s stock.

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).