FY2024 EPS Estimate for Legend Biotech Increased by Analyst

Legend Biotech Co. (NASDAQ:LEGN) – Cantor Fitzgerald lifted their FY2024 earnings estimates for Legend Biotech in a research note issued to investors on Wednesday, November 13th. Cantor Fitzgerald analyst R. Bienkowski now anticipates that the company will post earnings of ($1.50) per share 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 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. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.17) earnings per share.

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

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $38.19 on Monday. The firm has a 50 day simple moving average of $46.01 and a 200-day simple moving average of $48.30. 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 firm has a market cap of $6.96 billion, a PE ratio of -40.20 and a beta of 0.11. Legend Biotech has a 1-year low of $38.02 and a 1-year high of $70.13.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of LEGN. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Legend Biotech by 21.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock worth $2,949,000 after purchasing an additional 9,122 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Legend Biotech by 8.0% during the first quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock worth $112,982,000 after purchasing an additional 148,855 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Legend Biotech by 1.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after purchasing an additional 140,904 shares in the last quarter. Bamco Inc. NY lifted its position in shares of Legend Biotech by 54.2% during the first quarter. Bamco Inc. NY now owns 276,827 shares of the company’s stock worth $15,527,000 after purchasing an additional 97,259 shares in the last quarter. Finally, Capital International Investors lifted its position in shares of Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after purchasing an additional 356,387 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other 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).