Legend Biotech (NASDAQ:LEGN) Stock Price Down 3.5% – Should You Sell?

Legend Biotech Co. (NASDAQ:LEGN) shares fell 3.5% during trading on Monday . The stock traded as low as $35.35 and last traded at $35.55. 624,660 shares were traded during trading, a decline of 53% from the average session volume of 1,334,541 shares. The stock had previously closed at $36.83.

Wall Street Analyst Weigh In

LEGN has been the topic of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. Morgan Stanley dropped their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 target price on shares of Legend Biotech in a report on Wednesday, May 14th. Truist Financial cut 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. Finally, Guggenheim restated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.20.

Legend Biotech Trading Down 2.7%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The stock has a market capitalization of $6.59 billion, a price-to-earnings ratio of -37.73 and a beta of 0.13. The business has a fifty day simple moving average of $31.96 and a 200 day simple moving average of $34.37.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $195.05 million during the quarter, compared to analysts’ expectations of $190.83 million. During the same quarter in the previous year, the company earned ($0.16) EPS. The business’s revenue was up 107.8% on a year-over-year basis. As a group, research analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.

Institutional Trading of Legend Biotech

A number of institutional investors have recently modified their holdings of LEGN. Asset Management One Co. Ltd. raised its stake in Legend Biotech by 26.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company’s stock valued at $360,000 after purchasing an additional 2,297 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Legend Biotech by 196.1% during the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company’s stock worth $1,929,000 after acquiring an additional 39,256 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new position in Legend Biotech in the fourth quarter valued at approximately $914,000. JPMorgan Chase & Co. raised its position in Legend Biotech by 176.0% during the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company’s stock valued at $32,475,000 after purchasing an additional 636,390 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Legend Biotech by 76.3% during the fourth quarter. First Trust Advisors LP now owns 20,669 shares of the company’s stock worth $673,000 after purchasing an additional 8,948 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

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).