Cantor Fitzgerald Expects Higher Earnings for Legend Biotech

Legend Biotech Co. (NASDAQ:LEGN) – Research analysts at Cantor Fitzgerald increased their FY2024 earnings estimates for shares of Legend Biotech in a report released on Wednesday, November 13th. Cantor Fitzgerald analyst R. Bienkowski now anticipates that the company will post earnings per share of ($1.50) for the year, up from their previous forecast of ($1.70). The consensus estimate for Legend Biotech’s current full-year earnings is ($1.23) per share.

LEGN has been the subject of several other reports. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Tuesday, October 29th. Redburn Atlantic began coverage on Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Wednesday, November 13th. Finally, Scotiabank lifted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Buy” and a consensus target price of $81.46.

Legend Biotech Stock Down 2.0 %

NASDAQ LEGN opened at $37.42 on Monday. Legend Biotech has a fifty-two week low of $37.40 and a fifty-two week high of $70.13. The business has a fifty day moving average price of $45.75 and a two-hundred day moving average price of $48.24. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.78. The stock has a market capitalization of $6.82 billion, a PE ratio of -39.39 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results 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. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same quarter last year, the business posted ($0.17) EPS. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE raised its position in shares of Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock worth $383,000 after acquiring an additional 293 shares during the last quarter. American International Group Inc. raised its holdings in Legend Biotech by 50.0% during the 1st 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 last quarter. Avior Wealth Management LLC lifted its position in shares of Legend Biotech by 3.0% in the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after purchasing an additional 323 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after purchasing an additional 400 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Legend Biotech by 9.7% during the first quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock worth $313,000 after buying an additional 494 shares during the period. 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).