Q1 2024 Earnings Forecast for Legend Biotech Co. (NASDAQ:LEGN) Issued By HC Wainwright

Legend Biotech Co. (NASDAQ:LEGN) – Equities researchers at HC Wainwright dropped their Q1 2024 earnings per share (EPS) estimates for shares of Legend Biotech in a research report issued to clients and investors on Tuesday, April 16th. HC Wainwright analyst M. Kapoor now expects that the company will earn ($0.01) per share for the quarter, down from their prior forecast 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.

Legend Biotech (NASDAQ:LEGN) last released 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 business had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business’s revenue was up 177.2% compared to the same quarter last year.

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

Legend Biotech Trading Down 2.6 %

LEGN opened at $48.83 on Wednesday. The business has a 50 day simple moving average of $59.84 and a two-hundred day simple moving average of $61.06. The firm has a market capitalization of $8.88 billion, a price-to-earnings ratio of -32.99 and a beta of 0.01. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. Legend Biotech has a one year low of $48.03 and a one year high of $77.32.

Institutional Trading of Legend Biotech

Institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Legend Biotech by 11.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company’s stock worth $650,332,000 after buying an additional 1,114,848 shares during the last quarter. Capital World Investors boosted its stake in shares of Legend Biotech by 85.5% in the 1st quarter. Capital World Investors now owns 2,214,024 shares of the company’s stock worth $80,458,000 after buying an additional 1,020,545 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after buying an additional 962,381 shares during the last quarter. Holocene Advisors LP purchased a new position in shares of Legend Biotech in the 2nd quarter worth $62,614,000. Finally, Adage Capital Partners GP L.L.C. boosted its stake in shares of Legend Biotech by 101.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after buying an additional 860,410 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other 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).