Analysts Issue Forecasts for Legend Biotech FY2024 Earnings

Legend Biotech Co. (NASDAQ:LEGN) – Research analysts at William Blair reduced their FY2024 EPS estimates for Legend Biotech in a research note issued to investors on Tuesday, January 21st. William Blair analyst S. Corwin now expects that the company will post earnings of ($1.45) per share for the year, down from their prior estimate of ($1.41). The consensus estimate for Legend Biotech’s current full-year earnings is ($1.24) per share. William Blair also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.35) EPS.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million during 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 quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.17) earnings per share.

LEGN has been the subject of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright restated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research report on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $80.62.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $37.44 on Thursday. The company has a market cap of $6.84 billion, a price-to-earnings ratio of -39.41 and a beta of 0.16. The business has a 50 day moving average price of $36.44 and a 200 day moving average price of $45.77. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech has a twelve month low of $30.17 and a twelve month high of $70.13.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently modified their holdings of LEGN. Quantbot Technologies LP acquired a new position in Legend Biotech during the third quarter worth $148,000. SG Americas Securities LLC bought a new stake in shares of Legend Biotech in the 3rd quarter worth about $212,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Legend Biotech during the 3rd quarter worth about $229,000. Blue Trust Inc. lifted its holdings in Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock valued at $190,000 after purchasing an additional 5,478 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Legend Biotech in the third quarter valued at about $300,000. 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).