Legend Biotech (NASDAQ:LEGN) Posts Earnings Results, Beats Expectations By $0.18 EPS

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings data on Tuesday. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.17) by $0.18, FiscalAI reports. The business 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 Trading Up 0.9%

Shares of Legend Biotech stock opened at $19.14 on Tuesday. The stock has a market cap of $3.53 billion, a P/E ratio of -29.45 and a beta of 0.07. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $45.30. The business’s 50 day moving average is $19.55 and its 200-day moving average is $26.59.

Hedge Funds Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Legend Biotech during the 2nd quarter worth about $78,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Legend Biotech in the 3rd quarter valued at about $104,000. Public Employees Retirement System of Ohio lifted its stake in Legend Biotech by 31.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock valued at $124,000 after purchasing an additional 900 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in Legend Biotech in the 3rd quarter valued at about $183,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on LEGN. Barclays dropped their price target on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th. TD Cowen reiterated a “hold” rating and set a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Jefferies Financial Group set a $21.00 target price on Legend Biotech in a research note on Thursday, January 22nd. UBS Group reduced their price target on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.