Legend Biotech Co. to Post Q2 2023 Earnings of ($0.36) Per Share, HC Wainwright Forecasts (NASDAQ:LEGN)

Legend Biotech Co. (NASDAQ:LEGN – Get Rating) – Equities researchers at HC Wainwright decreased their Q2 2023 EPS estimates for shares of Legend Biotech in a research report issued to clients and investors on Monday, May 22nd. HC Wainwright analyst M. Kapoor now anticipates that the company will earn ($0.36) per share for the quarter, down from their prior estimate of ($0.27). HC Wainwright has a “Buy” rating and a $77.00 price objective on the stock. The consensus estimate for Legend Biotech’s current full-year earnings is ($2.13) per share. HC Wainwright also issued estimates for Legend Biotech’s Q3 2023 earnings at ($0.56) EPS, Q4 2023 earnings at ($0.26) EPS, FY2023 earnings at ($1.84) EPS, Q1 2024 earnings at ($0.44) EPS, Q2 2024 earnings at ($0.10) EPS, Q4 2024 earnings at $0.10 EPS and FY2024 earnings at ($0.72) EPS.

LEGN has been the topic of a number of other reports. JPMorgan Chase & Co. upped their price target on shares of Legend Biotech from $65.00 to $76.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 19th. BMO Capital Markets raised their price target on shares of Legend Biotech from $79.00 to $90.00 in a research note on Tuesday, April 25th. Barclays raised their price target on shares of Legend Biotech from $65.00 to $90.00 in a research note on Friday, May 19th. BTIG Research raised their price target on shares of Legend Biotech from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, April 20th. Finally, Daiwa Capital Markets assumed coverage on shares of Legend Biotech in a research note on Monday. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.40.

Legend Biotech Stock Down 4.2 %

NASDAQ:LEGN opened at $63.28 on Wednesday. The company has a quick ratio of 3.79, a current ratio of 3.84 and a debt-to-equity ratio of 0.41. Legend Biotech has a fifty-two week low of $37.30 and a fifty-two week high of $73.30. The firm’s fifty day simple moving average is $59.13 and its 200-day simple moving average is $53.27.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. American International Group Inc. purchased a new position in Legend Biotech in the second quarter valued at approximately $33,000. Lazard Asset Management LLC purchased a new position in Legend Biotech in the fourth quarter valued at approximately $33,000. China Universal Asset Management Co. Ltd. raised its holdings in Legend Biotech by 33.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 878 shares of the company’s stock valued at $42,000 after buying an additional 220 shares during the period. CI Investments Inc. raised its holdings in Legend Biotech by 779.6% in the fourth quarter. CI Investments Inc. now owns 2,463 shares of the company’s stock valued at $123,000 after buying an additional 2,183 shares during the period. Finally, Macquarie Group Ltd. raised its holdings in Legend Biotech by 78.5% in the third quarter. Macquarie Group Ltd. now owns 2,951 shares of the company’s stock valued at $121,000 after buying an additional 1,298 shares during the period. Hedge funds and other institutional investors own 38.88% of the company’s stock.

Legend Biotech Company Profile

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Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development 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), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma.