FY2024 EPS Forecast for Legend Biotech Lifted by Analyst

Legend Biotech Co. (NASDAQ:LEGN - Free Report) - Stock analysts at Cantor Fitzgerald upped their FY2024 earnings per share estimates for Legend Biotech in a report issued on Wednesday, November 13th. Cantor Fitzgerald analyst R. Bienkowski now expects that the company will earn ($1.50) per share for the year, up from their previous estimate of ($1.70). The consensus estimate for Legend Biotech's current full-year earnings is ($1.23) per share.

Several other research firms also recently issued reports on LEGN. Redburn Atlantic assumed coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a "buy" rating and a $86.00 target price on the stock. Royal Bank of Canada restated an "outperform" rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Tuesday, October 29th. Scotiabank upped their price target on Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research report on Monday, August 12th. Finally, HC Wainwright restated a "buy" rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $81.46.

Legend Biotech Stock Performance

Shares of LEGN stock traded down $0.77 during trading on Monday, reaching $37.42. 1,617,337 shares of the company's stock traded hands, compared to its average volume of 1,102,524. Legend Biotech has a 1 year low of $37.40 and a 1 year high of $70.13. The company has a market capitalization of $6.82 billion, a P/E ratio of -40.20 and a beta of 0.11. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27. The firm's 50-day moving average is $46.01 and its 200 day moving average is $48.30.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. The business 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 29.69% and a negative net margin of 66.92%. The firm's quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.17) EPS.

Hedge Funds Weigh In On Legend Biotech

A number of large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its holdings in shares of Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company's stock worth $36,000 after buying an additional 806 shares during the period. American International Group Inc. boosted its stake in shares of Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company's stock valued at $50,000 after purchasing an additional 300 shares during the period. AM Squared Ltd bought a new position in shares of Legend Biotech in the second quarter worth approximately $71,000. Quantbot Technologies LP purchased a new position in shares of Legend Biotech in the third quarter worth $148,000. Finally, California State Teachers Retirement System grew its holdings in Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company's stock worth $188,000 after acquiring an additional 2,216 shares during the last quarter. 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).