Analysts Set Expectations for Legend Biotech FY2024 Earnings

Legend Biotech Co. (NASDAQ:LEGN) – Equities researchers at William Blair cut their FY2024 EPS estimates for Legend Biotech in a report released on Tuesday, January 21st. William Blair analyst S. Corwin now anticipates 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 posted its 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. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. Legend Biotech’s quarterly revenue was up 66.9% compared to the same quarter last year.

Other analysts have also issued research reports about the stock. Redburn Atlantic assumed coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $79.50.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $36.91 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm has a market cap of $6.74 billion, a P/E ratio of -38.85 and a beta of 0.16. The firm has a 50 day simple moving average of $36.39 and a 200 day simple moving average of $45.72. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $70.13.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Quantbot Technologies LP acquired a new position in shares of Legend Biotech during the 3rd quarter worth approximately $148,000. Blue Trust Inc. grew its position in shares of Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after purchasing an additional 5,478 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Legend Biotech during the 3rd quarter worth approximately $212,000. Public Employees Retirement System of Ohio bought a new stake in shares of Legend Biotech during the 3rd quarter worth approximately $229,000. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Legend Biotech by 31.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock worth $290,000 after acquiring an additional 1,571 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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).