Legend Biotech (NASDAQ:LEGN) Trading Up 8% on Earnings Beat

Shares of Legend Biotech Co. (NASDAQ:LEGN) were up 8% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $36.91 and last traded at $36.74. Approximately 458,105 shares were traded during trading, a decline of 61% from the average daily volume of 1,179,024 shares. The stock had previously closed at $34.03.

The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same period last year, the company earned ($0.40) earnings per share. The business’s revenue for the quarter was up 134.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. HC Wainwright upped their price target on shares of Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $79.67.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Signaturefd LLC boosted its position in Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after purchasing an additional 1,579 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Legend Biotech in the fourth quarter worth approximately $56,000. Shell Asset Management Co. grew its position in Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock valued at $68,000 after buying an additional 800 shares during the period. OFI Invest Asset Management purchased a new stake in Legend Biotech during the fourth quarter valued at approximately $77,000. Finally, Quadrant Capital Group LLC raised its position in Legend Biotech by 4,296.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock worth $124,000 after acquiring an additional 3,738 shares during the period. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The business’s 50 day simple moving average is $35.65 and its 200 day simple moving average is $41.10. The company has a market cap of $6.95 billion, a P/E ratio of -40.05 and a beta of 0.19.

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).