William Blair Forecasts Reduced Earnings for Legend Biotech

Legend Biotech Co. (NASDAQ:LEGN) – Research analysts at William Blair cut their FY2024 earnings estimates for Legend Biotech in a note issued to investors on Tuesday, January 21st. William Blair analyst S. Corwin now forecasts 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.

LEGN has been the subject of several other reports. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Redburn Atlantic assumed coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reiterated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research report on Tuesday. Finally, Piper Sandler restated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech presently has a consensus rating of “Buy” and a consensus price target of $80.62.

Legend Biotech Trading Up 8.0 %

LEGN stock opened at $37.44 on Thursday. The business has a fifty day moving average of $36.44 and a 200-day moving average of $45.77. The company has a market cap of $6.84 billion, a P/E ratio of -39.41 and a beta of 0.16. Legend Biotech has a twelve month low of $30.17 and a twelve month high of $70.13. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.22. The firm had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech’s revenue was up 66.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.17) EPS.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Matthews International Capital Management LLC lifted its holdings in shares of Legend Biotech by 14.9% during the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock valued at $38,577,000 after purchasing an additional 153,665 shares in the last quarter. Blue Trust Inc. raised its holdings in 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 buying an additional 5,478 shares during the period. SG Americas Securities LLC lifted its stake in Legend Biotech by 276.5% in the fourth quarter. SG Americas Securities LLC now owns 16,417 shares of the company’s stock valued at $534,000 after buying an additional 12,057 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Legend Biotech by 27.6% in the fourth quarter. Diversified Trust Co now owns 45,288 shares of the company’s stock valued at $1,474,000 after buying an additional 9,784 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock worth $8,684,000 after acquiring an additional 33,024 shares in the last quarter. 70.89% of the stock is 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).