Legend Biotech (NASDAQ:LEGN) Reaches New 52-Week Low at $45.52

Legend Biotech Co. (NASDAQ:LEGN)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $45.52 and last traded at $45.75, with a volume of 131838 shares trading hands. The stock had previously closed at $46.19.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $87.00 price target on shares of Legend Biotech in a report on Tuesday. UBS Group increased their price target on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price target for the company in a report on Wednesday, April 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price target on shares of Legend Biotech in a report on Thursday, March 7th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $83.26.

Legend Biotech Trading Up 0.8 %

The company has a 50 day moving average of $58.82 and a 200-day moving average of $60.51. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. The business’s revenue was up 177.2% on a year-over-year basis. Equities analysts forecast that Legend Biotech Co. will post -1.43 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Legend Biotech by 6.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,984,826 shares of the company’s stock valued at $119,427,000 after purchasing an additional 117,794 shares in the last quarter. Westfield Capital Management Co. LP raised its position in Legend Biotech by 6.5% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,776,247 shares of the company’s stock valued at $106,877,000 after purchasing an additional 108,097 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in Legend Biotech by 101.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock valued at $114,761,000 after purchasing an additional 860,410 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its position in Legend Biotech by 15.4% in the 4th quarter. TimesSquare Capital Management LLC now owns 1,065,889 shares of the company’s stock valued at $64,135,000 after purchasing an additional 142,118 shares in the last quarter. Institutional investors and hedge funds 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).