HC Wainwright Equities Analysts Decrease Earnings Estimates for Legend Biotech Co. (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN) – Equities researchers at HC Wainwright reduced their Q1 2024 earnings per share (EPS) estimates for shares of Legend Biotech in a note issued to investors on Tuesday, April 16th. HC Wainwright analyst M. Kapoor now forecasts that the company will post earnings of ($0.01) per share for the quarter, down from their previous estimate of $0.01. HC Wainwright currently has a “Buy” rating and a $87.00 price target on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.42) per share.

Legend Biotech (NASDAQ:LEGN) last released its earnings results 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. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The company had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. Legend Biotech’s quarterly revenue was up 177.2% on a year-over-year basis.

Several other equities analysts also recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. Barclays upped their price target on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. UBS Group lifted their price objective on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price on the stock. Finally, Raymond James assumed coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price on the stock. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.70.

Legend Biotech Price Performance

Shares of LEGN opened at $47.12 on Wednesday. The company has a market cap of $8.57 billion, a P/E ratio of -31.84 and a beta of 0.01. Legend Biotech has a fifty-two week low of $47.08 and a fifty-two week high of $77.32. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22. The firm’s 50 day moving average price is $59.61 and its 200 day moving average price is $60.96.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds have recently made changes to their positions in the company. BluePath Capital Management LLC purchased a new position in Legend Biotech during the 3rd quarter worth approximately $32,000. Coppell Advisory Solutions LLC purchased a new position in shares of Legend Biotech during the second quarter worth approximately $41,000. American International Group Inc. acquired a new position in shares of Legend Biotech in the 2nd quarter valued at $33,000. Lazard Asset Management LLC purchased a new stake in Legend Biotech in the 4th quarter valued at $33,000. Finally, Quarry LP acquired a new stake in Legend Biotech during the 4th quarter worth $45,000. Hedge funds and other 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).