HC Wainwright Analysts Lower Earnings Estimates for Legend Biotech Co. (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN) – Equities research analysts at HC Wainwright decreased their Q1 2024 earnings per share (EPS) estimates for Legend Biotech in a research report issued to clients and investors on Tuesday, April 16th. HC Wainwright analyst M. Kapoor now forecasts that the company will post earnings per share of ($0.01) for the quarter, down from their previous forecast of $0.01. HC Wainwright currently has a “Buy” rating and a $87.00 target price on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.42) per share.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The firm had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. The business’s revenue for the quarter was up 177.2% on a year-over-year basis.

A number of other equities research analysts have also issued reports on LEGN. Raymond James assumed coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price on the stock. UBS Group increased their target price on Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Cantor Fitzgerald started coverage on Legend Biotech in a report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price target for the company. Barclays raised their price objective on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Finally, Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price for the company in a research note on Wednesday. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $82.70.

Legend Biotech Trading Down 3.5 %

NASDAQ LEGN opened at $47.12 on Wednesday. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of -31.84 and a beta of 0.01. 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 has a 12 month low of $47.08 and a 12 month high of $77.32. The company’s fifty day moving average price is $59.61 and its two-hundred day moving average price is $60.96.

Institutional Trading of Legend Biotech

Several hedge funds have recently bought and sold shares of the company. BluePath Capital Management LLC bought a new position in Legend Biotech in the 3rd quarter worth about $32,000. Coppell Advisory Solutions LLC acquired a new position in shares of Legend Biotech during the second quarter worth approximately $41,000. American International Group Inc. bought a new position in Legend Biotech in the 2nd quarter worth approximately $33,000. Lazard Asset Management LLC acquired a new stake in Legend Biotech in the 4th quarter valued at approximately $33,000. Finally, Quarry LP bought a new stake in Legend Biotech during the 4th quarter valued at $45,000. 70.89% of the stock is currently owned by institutional investors.

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).