HC Wainwright Weighs in on Legend Biotech Co.’s Q3 2024 Earnings (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN) – Equities researchers at HC Wainwright lifted their Q3 2024 EPS estimates for Legend Biotech in a research report issued on Tuesday, April 16th. HC Wainwright analyst M. Kapoor now expects that the company will post earnings of ($0.18) per share for the quarter, up from their prior forecast of ($0.19). 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 announced its quarterly earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. The firm had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The company’s quarterly revenue was up 177.2% on a year-over-year basis.

Several other equities research analysts also recently commented on the stock. Barclays lifted their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Cantor Fitzgerald initiated coverage on shares of Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price target on shares of Legend Biotech in a research report on Thursday, March 7th. Raymond James assumed coverage on Legend Biotech in a research note on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price for the company. Finally, Scotiabank raised Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective for the company in a research note on Wednesday. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.70.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $47.12 on Thursday. 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 52 week low of $47.08 and a 52 week high of $77.32. The firm has a market cap of $8.57 billion, a price-to-earnings ratio of -31.84 and a beta of 0.01. The firm’s 50-day simple moving average is $59.61 and its 200 day simple moving average is $60.96.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Legend Biotech by 12.0% in the 4th quarter. Vanguard Group Inc. now owns 128,621 shares of the company’s stock worth $7,739,000 after buying an additional 13,821 shares in the last quarter. Wellington Management Group LLP raised its stake in Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares during the period. Krane Funds Advisors LLC increased its stake in Legend Biotech by 2.3% in the 4th quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock worth $1,230,000 after acquiring an additional 451 shares during the last quarter. Quarry LP bought a new position in shares of Legend Biotech during the 4th quarter valued at approximately $45,000. Finally, Torno Capital LLC purchased a new position in Legend Biotech during the 4th quarter valued at $60,000. 70.89% of the stock is currently owned by institutional investors.

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).