William Blair Forecasts Reduced Earnings for Legend Biotech

Legend Biotech Co. (NASDAQ:LEGN) – Investment analysts at William Blair cut their FY2024 earnings per share estimates for shares of Legend Biotech in a report issued on Tuesday, November 12th. William Blair analyst S. Corwin now forecasts that the company will post earnings of ($1.41) per share for the year, down from their prior estimate of ($1.34). The consensus estimate for Legend Biotech’s current full-year earnings is ($1.48) per share. William Blair also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.31) EPS, Q1 2025 earnings at ($0.19) EPS, Q2 2025 earnings at ($0.20) EPS, Q3 2025 earnings at ($0.14) EPS, Q4 2025 earnings at ($0.05) EPS and FY2025 earnings at ($0.59) EPS.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate 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 posted ($0.17) earnings per share. Legend Biotech’s revenue was up 66.9% compared to the same quarter last year.

A number of other equities research analysts have also recently weighed in on LEGN. HC Wainwright restated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Wednesday. Scotiabank raised their price target 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. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Tuesday, October 29th. Finally, Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $81.46.

Legend Biotech Trading Down 4.3 %

Shares of LEGN opened at $38.19 on Friday. Legend Biotech has a twelve month low of $38.02 and a twelve month 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 has a market capitalization of $6.96 billion, a P/E ratio of -40.80 and a beta of 0.11. The firm’s 50-day moving average is $46.21 and its two-hundred day moving average is $48.28.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Legend Biotech by 21.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock valued at $2,949,000 after purchasing an additional 9,122 shares during the period. Janus Henderson Group PLC increased its stake in shares of Legend Biotech by 8.0% during the 1st quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock valued at $112,982,000 after acquiring an additional 148,855 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Legend Biotech by 1.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after acquiring an additional 140,904 shares during the period. Russell Investments Group Ltd. boosted its position in shares of 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 during the last quarter. Finally, Swiss National Bank boosted its position in shares of Legend Biotech by 3.9% in the first 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 during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).