William Blair Reduces Earnings Estimates for Legend Biotech

Legend Biotech Co. (NASDAQ:LEGN - Free Report) - Analysts at William Blair decreased their FY2024 earnings per share estimates for shares of Legend Biotech in a research report issued on Tuesday, January 21st. William Blair analyst S. Corwin now expects that the company will earn ($1.45) per share for the year, down from their previous forecast of ($1.41). The consensus estimate for Legend Biotech's current full-year earnings is ($1.24) per share. William Blair also issued estimates for Legend Biotech's Q4 2024 earnings at ($0.35) EPS.

A number of other analysts also recently issued reports on LEGN. Piper Sandler reaffirmed an "overweight" rating and set a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price objective on the stock. HC Wainwright restated a "buy" rating and issued a $73.00 target price on shares of Legend Biotech in a report on Tuesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $80.62.

Legend Biotech Stock Down 0.3 %

Shares of Legend Biotech stock traded down $0.12 during trading on Thursday, hitting $37.32. 1,049,420 shares of the stock were exchanged, compared to its average volume of 1,541,836. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of -39.29 and a beta of 0.16. The firm's 50-day moving average price is $36.44 and its 200 day moving average price is $45.77. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. Legend Biotech has a 12-month low of $30.17 and a 12-month high of $70.13.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million for the quarter, compared to analysts' expectations of $143.91 million. During the same quarter last year, the company earned ($0.17) earnings per share. The firm's revenue was up 66.9% compared to the same quarter last year.

Institutional Trading of Legend Biotech

Several hedge funds have recently made changes to their positions in the company. Avior Wealth Management LLC lifted its position in Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company's stock valued at $541,000 after purchasing an additional 323 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company's stock valued at $1,093,000 after buying an additional 400 shares during the period. Bridgewater Associates LP boosted its stake in shares of Legend Biotech by 0.3% in the third quarter. Bridgewater Associates LP now owns 165,975 shares of the company's stock valued at $8,088,000 after buying an additional 516 shares in the last quarter. Sei Investments Co. grew its holdings in Legend Biotech by 1.5% during the second quarter. Sei Investments Co. now owns 46,492 shares of the company's stock worth $2,059,000 after acquiring an additional 702 shares during the period. Finally, Advisors Asset Management Inc. raised its position in Legend Biotech by 14.0% in the third quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company's stock worth $332,000 after acquiring an additional 837 shares in the last quarter. Institutional investors and hedge funds 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).