Legend Biotech (NASDAQ:LEGN) Issues Earnings Results

Legend Biotech (NASDAQ:LEGN) issued its quarterly earnings results on Tuesday. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01), FiscalAI reports. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The business had revenue of $305.10 million during the quarter, compared to the consensus estimate of $306.51 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was up 56.5% on a year-over-year basis.

Here are the key takeaways from Legend Biotech’s conference call:

• CARVYKTI posted strong Q1 net trade sales of about $597 million, up 62% year over year and 8% sequentially, with growth coming from both the U.S. and international markets.
• Management said CARVYKTI adoption is moving earlier in the treatment course, with second- and third-line patients representing 41% of U.S. apheresis volume in Q1 versus 29% a year ago, and expects this mix shift to continue.
• The company said manufacturing execution remained strong, citing a 99% manufacturing success rate and roughly 29-day turnaround time, although Q1 gross margin fell to 41% due to ramp-up costs at expanded facilities. Management expects gross margin to return above 50% in Q2.
• Legend reiterated it expects company-wide adjusted profitability in 2026, and Q1 adjusted net loss narrowed to $11 million as revenue scaled and operating leverage improved.
• The pipeline is advancing, with in vivo CAR-T programs entering phase I, including LB2501 for CD19/CD20 in non-Hodgkin’s lymphoma and a BCMA program in autoimmune disease; the company expects to share initial lymphoma data around mid-year.

Legend Biotech Stock Up 2.1%

LEGN traded up $0.58 during midday trading on Wednesday, reaching $28.84. 830,723 shares of the company’s stock were exchanged, compared to its average volume of 2,363,214. The business has a 50-day simple moving average of $20.68 and a two-hundred day simple moving average of $22.70. The firm has a market capitalization of $5.33 billion, a price-to-earnings ratio of -35.93 and a beta of 0.29. Legend Biotech has a one year low of $16.24 and a one year high of $45.30.

Analyst Upgrades and Downgrades

LEGN has been the subject of several research analyst reports. Barclays cut their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Weiss Ratings lowered shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Legend Biotech in a research note on Wednesday. Finally, Morgan Stanley restated an “overweight” rating and set a $48.00 price target on shares of Legend Biotech in a research note on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.23.

Insider Activity

In related news, CEO Ying Huang sold 9,936 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares in the company, valued at $2,170,031.26. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

A number of large investors have recently bought and sold shares of LEGN. Rock Springs Capital Management LP acquired a new stake in shares of Legend Biotech in the 4th quarter valued at $735,000. Caisse de depot et placement du Quebec lifted its holdings in Legend Biotech by 17.0% during the 4th quarter. Caisse de depot et placement du Quebec now owns 30,778 shares of the company’s stock valued at $669,000 after purchasing an additional 4,478 shares during the last quarter. Virtus Investment Advisers LLC boosted its position in Legend Biotech by 161.2% in the fourth quarter. Virtus Investment Advisers LLC now owns 30,617 shares of the company’s stock valued at $666,000 after buying an additional 18,895 shares in the last quarter. First Trust Advisors LP bought a new stake in Legend Biotech during the second quarter worth about $411,000. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Legend Biotech by 342.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 16,810 shares of the company’s stock worth $365,000 after buying an additional 13,010 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

About Legend Biotech

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.