FY2024 EPS Estimates for Legend Biotech Lifted by Analyst

Legend Biotech Co. (NASDAQ:LEGN) – Equities research analysts at Cantor Fitzgerald boosted their FY2024 earnings per share (EPS) estimates for shares of Legend Biotech in a research report issued on Wednesday, November 13th. Cantor Fitzgerald analyst R. Bienkowski now forecasts that the company will post earnings per share of ($1.50) for the year, up from their prior estimate of ($1.70). The consensus estimate for Legend Biotech’s current full-year earnings is ($1.23) per share.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the company earned ($0.17) earnings per share. The firm’s revenue was up 66.9% compared to the same quarter last year.

Several other research firms have also weighed in on LEGN. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Tuesday, October 29th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target for the company. Finally, Scotiabank boosted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $81.46.

Legend Biotech Stock Performance

LEGN opened at $37.42 on Monday. The business’s 50-day simple moving average is $45.75 and its 200 day simple moving average is $48.24. Legend Biotech has a 52-week low of $37.40 and a 52-week high of $70.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.78 and a current ratio of 4.98. The firm has a market capitalization of $6.82 billion, a PE ratio of -39.39 and a beta of 0.11.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its position in shares of Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after purchasing an additional 806 shares during the last quarter. American International Group Inc. grew its holdings in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. AM Squared Ltd acquired a new position in Legend Biotech in the 2nd quarter valued at $71,000. Quantbot Technologies LP bought a new position in Legend Biotech during the 3rd quarter worth $148,000. Finally, California State Teachers Retirement System lifted its holdings in shares of Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after buying an additional 2,216 shares in the last quarter. 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).