Legend Biotech Co. (NASDAQ:LEGN) to Post Q1 2024 Earnings of ($0.01) Per Share, HC Wainwright Forecasts

Legend Biotech Co. (NASDAQ:LEGN) – Research analysts at HC Wainwright cut their Q1 2024 earnings per share (EPS) estimates for Legend Biotech in a report released on Tuesday, April 16th. HC Wainwright analyst M. Kapoor now expects that the company will post earnings of ($0.01) per share for the quarter, down from their prior estimate of $0.01. HC Wainwright has a “Buy” rating and a $87.00 price objective on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.42) per share.

A number of other research firms have also recently weighed in on LEGN. Barclays boosted their price target on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Raymond James initiated coverage on Legend Biotech in a report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price target for the company. UBS Group boosted their price target on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $85.00 target price on shares of Legend Biotech in a research note on Thursday, March 7th. Finally, Cantor Fitzgerald began coverage on Legend Biotech in a research note on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 target price for the company. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.70.

Legend Biotech Price Performance

Shares of NASDAQ LEGN traded down $1.29 during trading on Wednesday, reaching $48.83. The company had a trading volume of 1,362,080 shares, compared to its average volume of 992,121. Legend Biotech has a twelve month low of $48.03 and a twelve month high of $77.32. The stock has a market capitalization of $8.88 billion, a PE ratio of -32.96 and a beta of 0.01. The stock has a 50-day moving average price of $60.03 and a two-hundred day moving average price of $61.15. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The company had revenue of $76.50 million for the quarter, compared to the consensus estimate of $95.63 million. The firm’s revenue was up 177.2% on a year-over-year basis.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors have recently added to or reduced their stakes in LEGN. BluePath Capital Management LLC purchased a new stake in Legend Biotech during the third quarter valued at about $32,000. American International Group Inc. purchased a new stake in Legend Biotech during the second quarter valued at about $33,000. Lazard Asset Management LLC purchased a new stake in Legend Biotech during the fourth quarter valued at about $33,000. Coppell Advisory Solutions LLC purchased a new stake in Legend Biotech during the second quarter valued at about $41,000. Finally, Quarry LP purchased a new stake in shares of Legend Biotech in the fourth quarter worth about $45,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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).