Legend Biotech Co. to Post Q3 2024 Earnings of ($0.22) Per Share, HC Wainwright Forecasts (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN) – Equities researchers at HC Wainwright increased their Q3 2024 earnings per share (EPS) estimates for shares of Legend Biotech in a research note issued to investors on Monday, September 30th. HC Wainwright analyst M. Kapoor now anticipates that the company will earn ($0.22) per share for the quarter, up from their prior forecast of ($0.44). HC Wainwright currently has a “Buy” rating and a $73.00 target price on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.46) per share. HC Wainwright also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.18) EPS, FY2024 earnings at ($0.61) EPS, Q1 2025 earnings at ($0.14) EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at ($0.05) EPS, Q4 2025 earnings at $0.10 EPS and FY2025 earnings at $0.05 EPS.

Several other brokerages also recently commented on LEGN. BMO Capital Markets reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Legend Biotech in a research note on Wednesday, July 3rd. Truist Financial began coverage on Legend Biotech in a research report on Monday, June 17th. They issued a “buy” rating and a $88.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Friday, September 27th. TD Cowen reduced their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. Finally, Scotiabank increased their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $81.78.

Legend Biotech Stock Down 1.8 %

Shares of NASDAQ:LEGN opened at $47.79 on Wednesday. The company has a 50 day moving average price of $53.28 and a two-hundred day moving average price of $50.21. The company has a market capitalization of $8.71 billion, a PE ratio of -36.76 and a beta of 0.10. Legend Biotech has a 52 week low of $38.60 and a 52 week high of $70.78. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million during the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company’s revenue for the quarter was up 154.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.27) EPS.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LEGN. Price T Rowe Associates Inc. MD grew its holdings in shares of Legend Biotech by 1.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock valued at $614,137,000 after acquiring an additional 140,904 shares in the last quarter. RA Capital Management L.P. grew its stake in Legend Biotech by 9.5% in the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after purchasing an additional 962,381 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Legend Biotech by 26.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock worth $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Finally, Capital International Investors boosted its holdings in shares of Legend Biotech by 19.5% in the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after buying an additional 356,387 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).