Legend Biotech Co. (NASDAQ:LEGN) to Post Q2 2024 Earnings of ($0.14) Per Share, HC Wainwright Forecasts

Legend Biotech Co. (NASDAQ:LEGNFree Report) – Analysts at HC Wainwright dropped their Q2 2024 earnings per share estimates for shares of Legend Biotech in a research note issued to investors on Tuesday, May 14th. HC Wainwright analyst M. Kapoor now anticipates that the company will earn ($0.14) per share for the quarter, down from their prior estimate of ($0.12). 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 ($1.60) per share. HC Wainwright also issued estimates for Legend Biotech’s Q3 2024 earnings at ($0.11) EPS, Q4 2024 earnings at ($0.06) EPS, FY2024 earnings at ($0.47) EPS, Q1 2025 earnings at ($0.10) EPS, Q2 2025 earnings at ($0.08) EPS, Q3 2025 earnings at $0.00 EPS, Q4 2025 earnings at $0.16 EPS and FY2025 earnings at $0.14 EPS.

Legend Biotech (NASDAQ:LEGNGet Free Report) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. The company had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.03%. The firm’s revenue was up 158.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.40) EPS.

Several other brokerages have also recently weighed in on LEGN. UBS Group increased their target price on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price target for the company in a report on Wednesday, April 17th. Barclays raised their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Raymond James assumed coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price target for the company. Finally, Cantor Fitzgerald started coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective on the stock. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and an average price target of $82.74.

Check Out Our Latest Report on LEGN

Legend Biotech Stock Performance

NASDAQ LEGN opened at $45.76 on Thursday. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of -35.20 and a beta of 0.12. The company has a 50-day simple moving average of $53.05 and a two-hundred day simple moving average of $58.16. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22. Legend Biotech has a 12-month low of $42.08 and a 12-month high of $77.32.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in shares of Legend Biotech by 71.6% in the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after acquiring an additional 962,381 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in 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 valued at $114,761,000 after purchasing an additional 860,410 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in 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 valued at $112,050,000 after purchasing an additional 696,096 shares in the last quarter. Altitude Crest Partners Inc. purchased a new position in Legend Biotech in the fourth quarter worth about $32,601,000. Finally, First Turn Management LLC bought a new position in shares of Legend Biotech in the fourth quarter worth approximately $28,646,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Company Profile

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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).

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Earnings History and Estimates for Legend Biotech (NASDAQ:LEGN)

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