Legend Biotech Co. (NASDAQ:LEGN) to Post Q1 2024 Earnings of ($0.01) Per Share, HC Wainwright Forecasts

Legend Biotech Co. (NASDAQ:LEGN) – Equities research analysts at HC Wainwright lowered their Q1 2024 earnings per share estimates for Legend Biotech in a research note issued to investors on Tuesday, April 16th. HC Wainwright analyst M. Kapoor now anticipates that the company will earn ($0.01) per share for the quarter, down from their prior forecast of $0.01. HC Wainwright currently has a “Buy” rating and a $87.00 target price on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.42) per share.

Other equities analysts have also issued reports about the company. Raymond James began coverage on Legend Biotech in a report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 target price on the stock. Barclays raised their target price on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Cantor Fitzgerald began coverage on Legend Biotech in a report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price on the stock. UBS Group raised their target price on Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a report on Monday, March 18th. Finally, Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price on the stock in a report on Wednesday. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.70.

Legend Biotech Stock Down 2.6 %

Shares of NASDAQ:LEGN traded down $1.29 during midday trading on Wednesday, hitting $48.83. 1,362,080 shares of the stock were exchanged, compared to its average volume of 992,121. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. Legend Biotech has a 52-week low of $48.03 and a 52-week high of $77.32. The business’s fifty day simple moving average is $60.03 and its two-hundred day simple moving average is $61.15. The company has a market capitalization of $8.88 billion, a PE ratio of -32.96 and a beta of 0.01.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. The firm’s quarterly revenue was up 177.2% on a year-over-year basis.

Institutional Investors Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its position in Legend Biotech by 11.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,808,216 shares of the company’s stock worth $650,332,000 after buying an additional 1,114,848 shares in the last quarter. Capital World Investors grew its position in Legend Biotech by 85.5% during the first quarter. Capital World Investors now owns 2,214,024 shares of the company’s stock worth $80,458,000 after buying an additional 1,020,545 shares in the last quarter. Wellington Management Group LLP grew its position in Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after buying an additional 962,381 shares in the last quarter. Holocene Advisors LP acquired a new stake in Legend Biotech during the second quarter worth about $62,614,000. Finally, Adage Capital Partners GP L.L.C. grew its position in Legend Biotech by 101.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after buying an additional 860,410 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

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).