FY2024 EPS Estimates for Legend Biotech Cut by HC Wainwright

Legend Biotech Co. (NASDAQ:LEGN) – HC Wainwright decreased their FY2024 earnings per share (EPS) estimates for Legend Biotech in a research note issued to investors on Wednesday, November 13th. HC Wainwright analyst M. Kapoor now anticipates that the company will post earnings per share of ($1.42) for the year, down from their prior forecast of ($1.06). HC Wainwright has a “Buy” rating and a $73.00 price objective on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.48) per share. HC Wainwright also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.32) EPS, Q1 2025 earnings at ($0.30) EPS, Q3 2025 earnings at ($0.18) EPS and FY2025 earnings at ($0.12) EPS.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year.

Several other research firms have also recently commented on LEGN. Redburn Atlantic initiated coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Tuesday, October 29th. Finally, Scotiabank lifted their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Legend Biotech presently has a consensus rating of “Buy” and an average target price of $81.46.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $39.89 on Friday. The company has a 50 day moving average of $46.49 and a 200 day moving average of $48.34. The stock has a market cap of $7.27 billion, a P/E ratio of -41.99 and a beta of 0.11. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $70.13.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently modified their holdings of the stock. Blue Trust Inc. lifted its holdings in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after buying an additional 806 shares during the period. American International Group Inc. raised its position in shares of Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares in the last quarter. AM Squared Ltd purchased a new position in shares of Legend Biotech in the 2nd quarter valued at approximately $71,000. Quantbot Technologies LP bought a new stake in shares of Legend Biotech during the third quarter valued at approximately $148,000. Finally, California State Teachers Retirement System grew its stake in Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after purchasing an additional 2,216 shares during the period. 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).