Legend Biotech (NASDAQ:LEGN) Issues Quarterly Earnings Results, Beats Estimates By $0.49 EPS

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings data on Friday. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49, Briefing.com reports. Legend Biotech had a negative return on equity of 27.91% and a negative net margin of 135.92%. The firm had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. During the same period in the prior year, the business earned ($0.27) EPS. The company’s revenue for the quarter was up 154.4% compared to the same quarter last year.

Legend Biotech Stock Down 1.8 %

Shares of NASDAQ:LEGN traded down $1.01 during trading on Friday, hitting $55.90. The stock had a trading volume of 786,690 shares, compared to its average volume of 1,080,127. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $72.62. The company has a market capitalization of $10.19 billion, a PE ratio of -43.00 and a beta of 0.11. The firm’s fifty day moving average is $49.40 and its 200 day moving average is $52.57. The company has a quick ratio of 5.57, a current ratio of 5.66 and a debt-to-equity ratio of 0.25.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LEGN. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Friday, June 21st. TD Cowen cut their price objective on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft began coverage on Legend Biotech in a report on Thursday, May 23rd. They set a “buy” rating and a $60.00 target price for the company. Piper Sandler restated an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a report on Monday, June 17th. Finally, HC Wainwright restated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Thursday, July 18th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $81.31.

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).