Q1 2024 EPS Estimates for Legend Biotech Co. Decreased by HC Wainwright (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN - Free Report) - Equities researchers at HC Wainwright lowered their Q1 2024 earnings estimates for shares of Legend Biotech in a report issued on Tuesday, April 16th. HC Wainwright analyst M. Kapoor now forecasts that the company will earn ($0.01) per share for the quarter, down from their prior forecast of $0.01. HC Wainwright has a "Buy" rating and a $87.00 price objective on the stock. The consensus estimate for Legend Biotech's current full-year earnings is ($1.42) per share.

Several other equities research analysts have also recently issued reports on LEGN. Scotiabank raised shares of Legend Biotech from a "sector perform" rating to a "sector outperform" rating and set a $65.00 price objective for the company in a research report on Wednesday. Royal Bank of Canada reaffirmed an "outperform" rating and set a $85.00 price objective on shares of Legend Biotech in a research report on Thursday, March 7th. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an "overweight" rating and a $82.00 price target on the stock. Raymond James started coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an "outperform" rating and a $86.00 price target on the stock. Finally, UBS Group lifted their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a "buy" rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $82.70.

Legend Biotech Stock Down 2.6 %

Shares of Legend Biotech stock traded down $1.29 during trading on Wednesday, hitting $48.83. 1,411,963 shares of the stock were exchanged, compared to its average volume of 994,652. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of -32.99 and a beta of 0.01. The firm's 50-day moving average price is $59.84 and its 200 day moving average price is $61.06. Legend Biotech has a 12-month low of $48.03 and a 12-month high of $77.32. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released 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. The business had revenue of $76.50 million during the quarter, compared to analysts' expectations of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. Legend Biotech's revenue for the quarter was up 177.2% on a year-over-year basis.

Institutional Trading of Legend Biotech

Several hedge funds and other institutional investors have recently made changes to their positions in LEGN. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Legend Biotech by 197.1% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 26,523 shares of the company's stock valued at $1,079,000 after acquiring an additional 17,596 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Legend Biotech by 19.2% in the first quarter. Bank of New York Mellon Corp now owns 37,900 shares of the company's stock valued at $1,377,000 after acquiring an additional 6,100 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in shares of Legend Biotech in the first quarter valued at about $432,000. BlackRock Inc. boosted its holdings in shares of Legend Biotech by 26.6% in the first quarter. BlackRock Inc. now owns 3,046,229 shares of the company's stock valued at $110,701,000 after acquiring an additional 639,828 shares in the last quarter. Finally, APG Asset Management N.V. purchased a new stake in shares of Legend Biotech in the first quarter valued at about $353,000. Hedge funds and other institutional investors own 70.89% of the company's stock.

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).