Legend Biotech (NASDAQ:LEGN) Releases Earnings Results, Misses Expectations By $0.12 EPS

Key Points

• Legend Biotech reported an EPS of ($0.34), missing analysts' expectations by $0.12, despite revenue of $255.06 million exceeding projections of $237.49 million.
• The company demonstrated significant year-over-year growth, with a revenue increase of 36.8% compared to the same quarter last year.
• Despite the earnings miss, Legend Biotech has received multiple positive analyst ratings, including a "strong-buy" from Cantor Fitzgerald and a price target increase from Morgan Stanley to $81.00.

Legend Biotech (NASDAQ:LEGN - Get Free Report) issued its earnings results on Monday. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.12), Zacks reports. The company had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The business's revenue for the quarter was up 36.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.05) EPS.

Legend Biotech Price Performance

Shares of LEGN stock traded down $0.76 during trading on Monday, hitting $36.24. The company had a trading volume of 1,795,807 shares, compared to its average volume of 1,492,111. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average is $37.25 and its two-hundred day moving average is $35.15. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of -61.42 and a beta of 0.26. Legend Biotech has a 52 week low of $27.34 and a 52 week high of $59.62.

Analyst Upgrades and Downgrades

LEGN has been the topic of several analyst reports. Cantor Fitzgerald upgraded shares of Legend Biotech to a "strong-buy" rating in a research note on Monday, August 4th. Morgan Stanley restated an "overweight" rating and issued a $81.00 price target (up previously from $80.00) on shares of Legend Biotech in a research report on Thursday, July 10th. Royal Bank Of Canada restated an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. Johnson Rice reiterated a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. Finally, UBS Group set a $54.00 target price on shares of Legend Biotech and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $73.33.

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).

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