Legend Biotech (NASDAQ:LEGN) Posts Quarterly Earnings Results

Legend Biotech (NASDAQ:LEGN) issued its earnings results on Tuesday. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22, Briefing.com reports. The firm had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative return on equity of 29.22% and a negative net margin of 66.92%. The company’s revenue was up 66.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.17) earnings per share.

Legend Biotech Stock Performance

Shares of LEGN stock traded down $0.27 on Thursday, hitting $39.08. The company’s stock had a trading volume of 261,840 shares, compared to its average volume of 1,088,594. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The company has a market capitalization of $7.12 billion, a PE ratio of -41.42 and a beta of 0.11. The stock’s 50 day moving average is $46.49 and its 200-day moving average is $48.34. Legend Biotech has a fifty-two week low of $38.60 and a fifty-two week high of $70.13.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on LEGN shares. Scotiabank upped their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Redburn Atlantic began coverage on Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th. Finally, HC Wainwright reissued a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Wednesday. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $81.46.

About Legend Biotech

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).