William Blair Reduces Earnings Estimates for Legend Biotech

Legend Biotech Co. (NASDAQ:LEGN - Free Report) - Equities research analysts at William Blair cut their FY2024 EPS estimates for Legend Biotech in a report released on Tuesday, November 12th. William Blair analyst S. Corwin now anticipates that the company will earn ($1.41) per share for the year, down from their prior estimate of ($1.34). The consensus estimate for Legend Biotech's current full-year earnings is ($1.48) per share. William Blair also issued estimates for Legend Biotech's Q4 2024 earnings at ($0.31) EPS, Q1 2025 earnings at ($0.19) EPS, Q2 2025 earnings at ($0.20) EPS, Q3 2025 earnings at ($0.14) EPS, Q4 2025 earnings at ($0.05) EPS and FY2025 earnings at ($0.59) EPS.

A number of other equities research analysts have also weighed in on the stock. Redburn Atlantic began coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 target price 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 Wednesday. Scotiabank raised their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a "sector outperform" rating in a research note on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Tuesday, October 29th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $81.46.

Legend Biotech Stock Down 4.3 %

Shares of LEGN stock traded down $1.70 on Friday, reaching $38.19. 2,297,417 shares of the company were exchanged, compared to its average volume of 1,100,205. The company has a market cap of $6.96 billion, a price-to-earnings ratio of -40.80 and a beta of 0.11. The company has a 50-day moving average of $46.21 and a 200-day moving average of $48.28. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.78. Legend Biotech has a one year low of $38.02 and a one year high of $70.13.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its holdings in shares of Legend Biotech by 4.0% during the third quarter. FMR LLC now owns 18,330,219 shares of the company's stock valued at $893,232,000 after purchasing an additional 708,620 shares during the last quarter. RA Capital Management L.P. raised its holdings in shares of Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company's stock valued at $384,839,000 after purchasing an additional 596,390 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Legend Biotech by 26.1% during the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company's stock valued at $125,629,000 after purchasing an additional 463,527 shares during the last quarter. Capital International Investors raised its holdings in shares of Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company's stock valued at $122,336,000 after purchasing an additional 356,387 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Legend Biotech by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company's stock valued at $110,868,000 after purchasing an additional 314,449 shares during the last quarter. Institutional investors own 70.89% of the company's stock.

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).