Legend Biotech (NASDAQ:LEGN) Hits New 1-Year Low – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price hit a new 52-week low on Wednesday . The company traded as low as $20.14 and last traded at $21.04, with a volume of 2562636 shares changing hands. The stock had previously closed at $23.42.

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of research analyst reports. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research report on Tuesday. Morgan Stanley cut their target price on shares of Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Oppenheimer began coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price target for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Legend Biotech in a research report on Monday, December 29th. Finally, Jefferies Financial Group upgraded Legend Biotech to a “strong-buy” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Legend Biotech Trading Down 14.4%

The firm’s fifty day moving average price is $24.59 and its 200-day moving average price is $31.60. The company has a market cap of $3.70 billion, a price-to-earnings ratio of -30.96 and a beta of 0.12. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80.

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

Hedge Funds Weigh In On Legend Biotech

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

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.