Legend Biotech (NASDAQ:LEGN) Stock Price Down 5.7%

Shares of Legend Biotech Co. (NASDAQ:LEGNGet Rating) were down 5.7% during mid-day trading on Tuesday . The company traded as low as $47.49 and last traded at $48.12. Approximately 24,369 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 682,772 shares. The stock had previously closed at $51.01.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LEGN shares. Guggenheim started coverage on Legend Biotech in a research note on Monday, October 31st. They issued a “neutral” rating on the stock. Evercore ISI started coverage on Legend Biotech in a research note on Tuesday, November 1st. They issued an “outperform” rating on the stock. Cowen started coverage on Legend Biotech in a research note on Tuesday, November 1st. They issued an “outperform” rating on the stock. Morgan Stanley lowered their target price on Legend Biotech from $63.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, October 13th. Finally, Cowen started coverage on Legend Biotech in a research report on Tuesday, November 1st. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and an average target price of $66.20.

Legend Biotech Trading Down 0.2 %

The company has a 50-day moving average of $45.28 and a two-hundred day moving average of $46.16. The company has a current ratio of 3.83, a quick ratio of 3.81 and a debt-to-equity ratio of 0.29.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently made changes to their positions in the business. FMR LLC lifted its position in shares of Legend Biotech by 174.8% in the second quarter. FMR LLC now owns 6,663,704 shares of the company’s stock valued at $366,505,000 after acquiring an additional 4,239,041 shares in the last quarter. BlackRock Inc. lifted its position in shares of Legend Biotech by 18.5% in the third quarter. BlackRock Inc. now owns 3,731,782 shares of the company’s stock valued at $152,256,000 after acquiring an additional 583,851 shares in the last quarter. Capital International Investors lifted its position in shares of Legend Biotech by 0.4% in the first quarter. Capital International Investors now owns 2,810,737 shares of the company’s stock valued at $102,142,000 after acquiring an additional 11,755 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Legend Biotech by 14.6% in the first quarter. Wellington Management Group LLP now owns 2,609,818 shares of the company’s stock valued at $94,841,000 after acquiring an additional 332,773 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Legend Biotech by 10.6% in the third quarter. Federated Hermes Inc. now owns 2,338,800 shares of the company’s stock valued at $95,423,000 after acquiring an additional 225,000 shares in the last quarter. 32.36% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

(Get Rating)

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development 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), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma.

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