FY2024 EPS Estimates for Legend Biotech Cut by HC Wainwright

Legend Biotech Co. (NASDAQ:LEGN) – Research analysts at HC Wainwright decreased their FY2024 earnings per share estimates for shares of Legend Biotech in a research report issued on Wednesday, November 13th. HC Wainwright analyst M. Kapoor now expects that the company will earn ($1.42) per share for the year, down from their previous estimate of ($1.06). 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 ($1.48) per share. HC Wainwright also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.32) EPS, Q1 2025 earnings at ($0.30) EPS, Q3 2025 earnings at ($0.18) EPS and FY2025 earnings at ($0.12) EPS.

Other equities research analysts also recently issued research reports about the stock. Scotiabank increased 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 report on Monday, August 12th. Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Tuesday, October 29th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $81.46.

Legend Biotech Stock Down 4.3 %

Shares of Legend Biotech stock opened at $38.19 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.78. The business has a 50-day moving average of $46.01 and a two-hundred day moving average of $48.27. Legend Biotech has a 1 year low of $38.02 and a 1 year high of $70.13. The company has a market capitalization of $6.96 billion, a P/E ratio of -40.20 and a beta of 0.11.

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

Institutional Trading of Legend Biotech

A number of hedge funds have recently made changes to their positions in LEGN. Swiss National Bank raised its position in shares of Legend Biotech by 3.9% in the 1st quarter. Swiss National Bank now owns 159,994 shares of the company’s stock worth $8,974,000 after acquiring an additional 6,000 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Legend Biotech by 82.7% in the first quarter. Russell Investments Group Ltd. now owns 183,741 shares of the company’s stock worth $10,306,000 after acquiring an additional 83,150 shares in the last quarter. US Bancorp DE grew its stake in Legend Biotech by 4.5% in the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after acquiring an additional 293 shares during the period. ProShare Advisors LLC grew its position in Legend Biotech by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after purchasing an additional 494 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Legend Biotech during the 1st quarter valued at $203,000. 70.89% of the stock is owned by institutional investors and hedge funds.

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).