FY2024 EPS Estimates for Legend Biotech Reduced by Analyst

Legend Biotech Co. (NASDAQ:LEGN) – Analysts at HC Wainwright lowered their FY2024 earnings estimates for Legend Biotech in a research report issued to clients and investors 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 forecast 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.

Several other brokerages also recently issued reports on LEGN. Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Scotiabank raised their target price on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $81.46.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $38.19 on Friday. The firm has a market capitalization of $6.96 billion, a PE ratio of -40.80 and a beta of 0.11. Legend Biotech has a 1 year low of $38.02 and a 1 year high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27. The firm’s fifty day simple moving average is $46.21 and its 200 day simple moving average is $48.28.

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

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. raised its position in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after purchasing an additional 806 shares in the last quarter. American International Group Inc. grew its stake in shares of 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 purchasing an additional 300 shares during the period. AM Squared Ltd acquired a new position in shares of Legend Biotech in the 2nd quarter worth approximately $71,000. Quantbot Technologies LP bought a new position in shares of Legend Biotech during the 3rd quarter worth approximately $148,000. Finally, California State Teachers Retirement System boosted its stake in Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $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).