Q3 EPS Estimates for Legend Biotech Lifted by HC Wainwright

Legend Biotech Co. (NASDAQ:LEGN) – Analysts at HC Wainwright raised their Q3 2024 earnings per share estimates for shares of Legend Biotech in a report issued on Wednesday, October 16th. HC Wainwright analyst M. Kapoor now expects that the company will post earnings of ($0.34) per share for the quarter, up from their prior forecast of ($0.44). HC Wainwright has a “Buy” rating and a $73.00 price objective on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.51) per share. HC Wainwright also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.28) EPS and FY2024 earnings at ($1.06) EPS.

LEGN has been the topic of several other research reports. Scotiabank boosted their target price on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. TD Cowen cut their target price on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Friday, September 27th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research report on Wednesday, July 3rd. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Legend Biotech currently has a consensus rating of “Buy” and a consensus target price of $82.08.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $45.04 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $70.13. The stock’s 50 day simple moving average is $50.94 and its two-hundred day simple moving average is $49.11. The company has a market cap of $8.21 billion, a price-to-earnings ratio of -34.64 and a beta of 0.10.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $125.25 million. During the same quarter in the previous year, the company posted ($0.27) EPS. The company’s revenue was up 154.4% compared to the same quarter last year.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Legend Biotech by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 164,573 shares of the company’s stock worth $9,231,000 after acquiring an additional 1,443 shares in the last quarter. BNP Paribas bought a new position in shares of Legend Biotech during the first quarter valued at approximately $199,000. Nordea Investment Management AB purchased a new position in Legend Biotech during the first quarter valued at approximately $843,000. Daiwa Securities Group Inc. raised its stake in Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock worth $356,000 after buying an additional 527 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its holdings in Legend Biotech by 8.7% during the first quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company’s stock worth $64,980,000 after buying an additional 92,611 shares during the period. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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).