Legend Biotech (NASDAQ:LEGN) Releases Earnings Results, Beats Expectations By $0.02 EPS

Legend Biotech (NASDAQ:LEGN) announced its quarterly earnings data on Wednesday. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02, Zacks reports. Legend Biotech had a negative return on equity of 24.35% and a negative net margin of 26.37%.The firm had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. During the same quarter in the prior year, the company posted ($0.34) earnings per share. Legend Biotech’s quarterly revenue was up 70.0% on a year-over-year basis.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $31.01 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71. The business’s fifty day moving average price is $32.76 and its two-hundred day moving average price is $34.35. The stock has a market cap of $5.72 billion, a PE ratio of -47.71 and a beta of 0.17. Legend Biotech has a one year low of $27.34 and a one year high of $45.30.

Institutional Trading of Legend Biotech

A number of large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board acquired a new position in Legend Biotech in the 2nd quarter valued at about $15,790,000. Jump Financial LLC boosted its stake in shares of Legend Biotech by 302.4% during the 3rd quarter. Jump Financial LLC now owns 403,211 shares of the company’s stock worth $13,149,000 after purchasing an additional 303,008 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Legend Biotech by 52.1% during the second quarter. Bank of America Corp DE now owns 255,986 shares of the company’s stock worth $9,085,000 after buying an additional 87,707 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Legend Biotech by 77.6% in the second quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock valued at $5,277,000 after buying an additional 64,956 shares during the last quarter. Finally, LMR Partners LLP acquired a new position in shares of Legend Biotech in the second quarter valued at approximately $2,129,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Royal Bank Of Canada decreased their price objective on shares of Legend Biotech from $75.00 to $74.00 and set an “outperform” rating on the stock in a report on Thursday. Cantor Fitzgerald increased their target price on shares of Legend Biotech from $66.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday. HC Wainwright reduced their price target on shares of Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Finally, Barclays lowered their price target on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus target price of $72.10.

About Legend Biotech

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).