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

Legend Biotech Co. (NASDAQ:LEGN) dropped 2.1% on Thursday . The company traded as low as $55.00 and last traded at $55.71. Approximately 82,661 shares were traded during trading, a decline of 92% from the average daily volume of 975,628 shares. The stock had previously closed at $56.93.

Analyst Upgrades and Downgrades

LEGN has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $87.00 target price on shares of Legend Biotech in a research note on Monday, March 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 target price on shares of Legend Biotech in a research note on Thursday, March 7th. Barclays lifted their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. UBS Group lifted their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Scotiabank initiated coverage on shares of Legend Biotech in a report on Tuesday, December 19th. They set a “sector perform” rating and a $65.00 price target on the stock. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.76.

Legend Biotech Stock Down 1.5 %

The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The stock’s 50-day simple moving average is $60.70 and its 200-day simple moving average is $62.24. The firm has a market capitalization of $9.26 billion, a P/E ratio of -38.47 and a beta of 0.04.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. The firm had revenue of $76.50 million for the quarter, compared to analysts’ expectations of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. Legend Biotech’s revenue was up 177.2% on a year-over-year basis. As a group, research analysts predict that Legend Biotech Co. will post -1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. BluePath Capital Management LLC bought a new position in Legend Biotech in the 3rd quarter valued at $32,000. American International Group Inc. bought a new position in Legend Biotech in the 2nd quarter valued at $33,000. Lazard Asset Management LLC purchased a new stake in shares of Legend Biotech during the 4th quarter valued at $33,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Legend Biotech during the 2nd quarter valued at $41,000. Finally, Quarry LP purchased a new stake in shares of Legend Biotech during the 4th quarter valued at $45,000. 70.89% of the stock is 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).