Brokers Offer Predictions for Legend Biotech FY2024 Earnings

Legend Biotech Co. (NASDAQ:LEGN) – William Blair dropped their FY2024 earnings per share (EPS) estimates for shares of Legend Biotech in a research report issued to clients and investors on Tuesday, November 12th. William Blair analyst S. Corwin now anticipates that the company will post earnings of ($1.41) per share for the year, down from their previous forecast of ($1.34). The consensus estimate for Legend Biotech’s current full-year earnings is ($1.48) per share. William Blair also issued estimates for Legend Biotech’s Q4 2024 earnings at ($0.31) EPS, Q1 2025 earnings at ($0.19) EPS, Q2 2025 earnings at ($0.20) EPS, Q3 2025 earnings at ($0.14) EPS, Q4 2025 earnings at ($0.05) EPS and FY2025 earnings at ($0.59) EPS.

LEGN has been the subject of a number of other research reports. Scotiabank increased their target price on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Tuesday, October 29th. HC Wainwright reiterated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday. Finally, Redburn Atlantic began coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $81.46.

Legend Biotech Stock Down 4.3 %

Shares of NASDAQ LEGN opened at $38.19 on Friday. The stock has a fifty day moving average price of $46.21 and a 200 day moving average price of $48.28. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27. Legend Biotech has a 12-month low of $38.02 and a 12-month high of $70.13. The company has a market cap of $6.96 billion, a P/E ratio of -40.80 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned ($0.17) earnings per share.

Hedge Funds Weigh In On Legend Biotech

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after buying an additional 806 shares during the last quarter. American International Group Inc. boosted its holdings in Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares during the period. AM Squared Ltd bought a new stake in Legend Biotech during the second quarter valued at $71,000. Quantbot Technologies LP acquired a new stake in shares of Legend Biotech during the third quarter worth $148,000. Finally, California State Teachers Retirement System lifted its position in shares of Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after buying an additional 2,216 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).