Research Analysts Set Expectations for Legend Biotech Co.’s FY2024 Earnings (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN) – Equities research analysts at Cantor Fitzgerald issued their FY2024 earnings per share (EPS) estimates for shares of Legend Biotech in a report issued on Tuesday, September 17th. Cantor Fitzgerald analyst R. Bienkowski anticipates that the company will earn ($0.85) per share for the year. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.56) per share.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The firm’s revenue was up 154.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.27) EPS.

LEGN has been the subject of a number of other research reports. TD Cowen lowered their target price on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. Truist Financial initiated coverage on shares of Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 target price on the stock. Scotiabank upped their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday, August 12th. Finally, Piper Sandler reissued an “overweight” rating and issued a $90.00 price objective on shares of Legend Biotech in a research note on Monday, June 17th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $81.78.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $48.53 on Friday. The firm’s fifty day moving average price is $55.19 and its two-hundred day moving average price is $51.32. The stock has a market cap of $8.85 billion, a PE ratio of -37.33 and a beta of 0.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. Legend Biotech has a fifty-two week low of $38.60 and a fifty-two week high of $70.78.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Legend Biotech by 5.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after buying an additional 253 shares in the last quarter. US Bancorp DE boosted its stake in Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock worth $383,000 after acquiring an additional 293 shares in the last quarter. American International Group Inc. grew its holdings in Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares during the period. Public Sector Pension Investment Board grew its holdings in Legend Biotech by 1.6% in the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after purchasing an additional 400 shares during the period. Finally, Krane Funds Advisors LLC increased its stake in Legend Biotech by 2.3% in the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after purchasing an additional 451 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

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).