Q2 2024 EPS Estimates for Legend Biotech Co. Decreased by HC Wainwright (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN) – HC Wainwright dropped their Q2 2024 earnings per share (EPS) estimates for shares of Legend Biotech in a research report issued to clients and investors on Monday, April 8th. HC Wainwright analyst M. Kapoor now anticipates that the company will post earnings of ($0.12) per share for the quarter, down from their previous forecast of ($0.03). HC Wainwright currently has a “Buy” rating and a $87.00 target price on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.40) per share. HC Wainwright also issued estimates for Legend Biotech’s Q3 2024 earnings at ($0.19) EPS, Q4 2024 earnings at ($0.13) EPS and FY2024 earnings at ($0.43) EPS.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.30. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. Legend Biotech’s quarterly revenue was up 177.2% compared to the same quarter last year.

Several other brokerages also recently commented on LEGN. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 target price on shares of Legend Biotech in a report on Thursday, March 7th. Cantor Fitzgerald started coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price on the stock. Scotiabank started coverage on Legend Biotech in a report on Tuesday, December 19th. They set a “sector perform” rating and a $65.00 price objective on the stock. Raymond James began coverage on Legend Biotech in a report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective on the stock. Finally, UBS Group boosted their price target on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.70.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN opened at $55.49 on Wednesday. The company has a market cap of $10.09 billion, a P/E ratio of -37.49 and a beta of 0.01. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. Legend Biotech has a one year low of $48.80 and a one year high of $77.32. The business’s 50-day simple moving average is $60.44 and its 200 day simple moving average is $61.56.

Institutional Trading of Legend Biotech

A number of hedge funds have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. lifted its position in shares of Legend Biotech by 101.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after buying an additional 860,410 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Legend Biotech by 71.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock worth $112,050,000 after buying an additional 696,096 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in Legend Biotech in the 3rd quarter valued at $974,000. Massachusetts Financial Services Co. MA raised its position in Legend Biotech by 12.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,867,032 shares of the company’s stock valued at $125,409,000 after purchasing an additional 212,327 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Legend Biotech by 50.2% in the 4th quarter. SG Americas Securities LLC now owns 40,033 shares of the company’s stock valued at $2,409,000 after purchasing an additional 13,381 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

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).