Legend Biotech (NASDAQ:LEGN) Hits New 12-Month Low – Time to Sell?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) hit a new 52-week low during trading on Tuesday . The stock traded as low as $18.76 and last traded at $18.96, with a volume of 2034864 shares traded. The stock had previously closed at $19.01.

Analyst Upgrades and Downgrades

LEGN has been the subject of several recent analyst reports. Jefferies Financial Group set a $21.00 target price on shares of Legend Biotech in a research report on Thursday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $66.00 price objective on shares of Legend Biotech in a research note on Tuesday, January 20th. HC Wainwright lowered their price target on Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, January 22nd. UBS Group decreased their target price on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, December 8th. Finally, TD Cowen reissued a “hold” rating and issued a $21.00 price target (down previously from $62.00) on shares of Legend Biotech in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus target price of $58.50.

Legend Biotech Stock Performance

The stock’s 50 day moving average is $23.71 and its two-hundred day moving average is $31.07. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The firm has a market capitalization of $3.50 billion, a P/E ratio of -29.17 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The firm had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. During the same quarter in the previous year, the company earned ($0.34) earnings per share. The business’s revenue for the quarter was up 70.0% on a year-over-year basis. As a group, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

A number of hedge funds have recently modified their holdings of the stock. Clearstead Advisors LLC grew its position in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after purchasing an additional 367 shares in the last quarter. Parallel Advisors LLC boosted its position in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares in the last quarter. OFI Invest Asset Management boosted its stake in shares of Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after purchasing an additional 622 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after acquiring an additional 1,890 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Legend Biotech during the 2nd quarter worth $78,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

About Legend Biotech

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.