HC Wainwright Raises Earnings Estimates for Legend Biotech

Legend Biotech Co. (NASDAQ:LEGN) – Equities researchers at HC Wainwright boosted their Q4 2024 earnings estimates for shares of Legend Biotech in a research report issued on Thursday, January 23rd. HC Wainwright analyst M. Kapoor now forecasts that the company will earn ($0.30) per share for the quarter, up from their prior estimate of ($0.32). HC Wainwright currently has a “Buy” rating and a $73.00 target price on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($1.24) per share.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. The company had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.17) EPS.

Several other research firms have also weighed in on LEGN. Redburn Atlantic started coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Finally, Piper Sandler reissued an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $79.50.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $36.01 on Monday. The firm has a market cap of $6.58 billion, a PE ratio of -37.90 and a beta of 0.16. Legend Biotech has a 52 week low of $30.17 and a 52 week high of $70.13. The firm’s fifty day moving average is $36.35 and its 200-day moving average is $45.54. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

Institutional Investors Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in Legend Biotech by 4.0% during the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after buying an additional 708,620 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after purchasing an additional 266,296 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Legend Biotech by 16.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after purchasing an additional 314,449 shares during the last quarter. Matthews International Capital Management LLC grew its stake in Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after buying an additional 153,665 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Legend Biotech by 0.4% in the 3rd quarter. State Street Corp now owns 1,140,222 shares of the company’s stock worth $55,563,000 after buying an additional 4,735 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

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).