Legend Biotech (NASDAQ:LEGN) Issues Earnings Results, Beats Estimates By $0.18 EPS

Legend Biotech (NASDAQ:LEGN) issued its earnings results on Tuesday. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.18, FiscalAI reports. The company had revenue of $306.30 million for the quarter, compared to analysts’ expectations of $310.21 million. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $19.14 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86. The stock has a 50-day simple moving average of $19.55 and a two-hundred day simple moving average of $26.59. The firm has a market capitalization of $3.53 billion, a PE ratio of -29.45 and a beta of 0.07. Legend Biotech has a 52-week low of $16.24 and a 52-week high of $45.30.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC increased its holdings in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after acquiring an additional 662 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Legend Biotech in the second quarter worth $78,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Legend Biotech during the 3rd quarter valued at $104,000. Public Employees Retirement System of Ohio lifted its stake in shares of Legend Biotech by 31.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock valued at $124,000 after buying an additional 900 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its holdings in Legend Biotech by 59.2% in the 4th quarter. Macquarie Group Ltd. now owns 6,096 shares of the company’s stock worth $133,000 after buying an additional 2,267 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on LEGN shares. Barclays lowered their price target on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Rothschild & Co Redburn downgraded Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a report on Thursday, February 12th. Cantor Fitzgerald dropped their target price on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Jefferies Financial Group set a $21.00 price target on Legend Biotech in a research note on Thursday, January 22nd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $66.00 price objective on shares of Legend Biotech in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.08.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.