FY2024 EPS Estimate for Legend Biotech Increased by Analyst

Legend Biotech Co. (NASDAQ:LEGN) – Stock analysts at Cantor Fitzgerald lifted their FY2024 EPS estimates for Legend Biotech in a research note issued to investors on Wednesday, November 13th. Cantor Fitzgerald analyst R. Bienkowski now forecasts that the company will earn ($1.50) per share for the year, up from their previous forecast of ($1.70). The consensus estimate for Legend Biotech’s current full-year earnings is ($1.23) per share.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a report on Tuesday, October 29th. Scotiabank increased their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Redburn Atlantic assumed coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $81.46.

Legend Biotech Stock Down 4.3 %

Shares of NASDAQ:LEGN opened at $38.19 on Monday. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of -40.20 and a beta of 0.11. Legend Biotech has a 1-year low of $38.02 and a 1-year high of $70.13. The company’s fifty day moving average is $46.01 and its two-hundred day moving average is $48.30. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.78 and a current ratio of 4.98.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. The firm 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 firm’s quarterly revenue was up 66.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.17) earnings per share.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE grew its position in Legend Biotech by 4.5% in the 1st quarter. US Bancorp DE now owns 6,835 shares of the company’s stock valued at $383,000 after buying an additional 293 shares in the last quarter. American International Group Inc. grew its position in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. Avior Wealth Management LLC grew its position in Legend Biotech by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after buying an additional 323 shares in the last quarter. Public Sector Pension Investment Board grew its position in 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 in the last quarter. Finally, ProShare Advisors LLC grew its position in Legend Biotech by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after buying an additional 494 shares in 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).