Legend Biotech (NASDAQ:LEGN – Get Free Report) announced its earnings results on Tuesday. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03, Briefing.com reports. The business had revenue of $387.50 million during the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. Legend Biotech’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 earnings per share.
Here are the key takeaways from Legend Biotech’s conference call:
- CARVYKTI net trade sales rose 50% year over year to approximately $657 million, with 10% sequential growth. Earlier-line use continued to expand, with second- through fourth-line treatment accounting for more than 70% of U.S. volume, while international sales grew 128% year over year.
- Legend reported its first quarter of company-wide profitability, including $63 million in adjusted net income, and maintained its outlook for adjusted net income profitability in the second half of 2026. The company ended the quarter with approximately $965 million in cash and no long-term debt.
- Early data for in vivo CAR-T candidate LB2501 showed a 100% objective response rate and an 83.3% complete response rate at the higher dose cohort, with CAR-T cells detectable for up to 116 days and no dose-limiting toxicities reported. Legend plans to file a U.S. IND by year-end and initially conduct the Phase I study itself.
- Gross margin improved to 58% in Q2 but is expected to decline to the lower-50% range in Q3 before recovering to the mid-50% range in Q4, partly due to changing outpatient treatment economics. Management also acknowledged potential competitive pressure from bispecific therapies, although it continues to emphasize CARVYKTI’s one-time treatment and durability advantages.
- Interim CEO Alan Bash characterized the CEO change as a leadership transition rather than a strategy shift, while the board continues a search for a permanent chief executive. Legend also disclosed plans to advance LB2505, an investigational BCMA-targeted in vivo CAR-T therapy in China, subject to the company’s collaboration agreement with Johnson & Johnson.
Legend Biotech Trading Up 5.6%
Shares of LEGN stock traded up $1.17 during midday trading on Tuesday, reaching $21.83. 969,449 shares of the stock were exchanged, compared to its average volume of 2,492,039. Legend Biotech has a 1 year low of $16.24 and a 1 year high of $38.35. The firm has a market cap of $4.05 billion, a PE ratio of -32.08 and a beta of 0.37. The company’s 50 day moving average is $26.97 and its two-hundred day moving average is $23.14.
Insider Activity at Legend Biotech
Institutional Trading of Legend Biotech
A number of hedge funds have recently made changes to their positions in the stock. Invesco Ltd. boosted its holdings in shares of Legend Biotech by 4.4% during the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock valued at $298,000 after acquiring an additional 581 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Legend Biotech by 342.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 16,810 shares of the company’s stock worth $365,000 after purchasing an additional 13,010 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Legend Biotech by 139.3% during the 4th quarter. Brooklyn Investment Group now owns 18,739 shares of the company’s stock valued at $411,000 after buying an additional 10,908 shares during the period. Lansforsakringar Fondforvaltning AB publ boosted its stake in shares of Legend Biotech by 25.0% in the 4th quarter. Lansforsakringar Fondforvaltning AB publ now owns 15,000 shares of the company’s stock worth $326,000 after buying an additional 3,000 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Legend Biotech by 28.9% in the fourth quarter. Bank of Montreal Can now owns 12,025 shares of the company’s stock worth $261,000 after acquiring an additional 2,696 shares during the period. 70.89% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several analysts have issued reports on LEGN shares. HC Wainwright reaffirmed a “buy” rating and issued a $65.00 target price on shares of Legend Biotech in a research note on Tuesday, July 28th. Raymond James Financial reaffirmed an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a report on Monday, July 27th. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 30th. Morgan Stanley decreased their price target on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Finally, JPMorgan Chase & Co. began coverage on shares of Legend Biotech in a research note on Monday, July 13th. They issued a “neutral” rating and a $35.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $55.29.
Read Our Latest Report on Legend Biotech
Legend Biotech Company Profile
Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.
The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.
Featured Stories
- Five stocks we like better than Legend Biotech
- Rocket Lab’s Record Quarter Still Left Investors Waiting on Neutron
- AMD’s Helios Launch Could Create Winners Beyond AMD Stock
- Meta’s Muse Glimmer Release Reframes Its AI Spending Bet
- 3 Companies That Could Thrive While the Fed Holds Rates Steady
Receive News & Ratings for Legend Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legend Biotech and related companies with MarketBeat.com's FREE daily email newsletter.
