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

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

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $19.14 on Tuesday. The company 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. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The stock’s fifty day moving average is $19.55 and its two-hundred day moving average is $26.59.

Analyst Ratings Changes

Several equities analysts have recently commented on LEGN shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. Jefferies Financial Group set a $21.00 price target on shares of Legend Biotech in a research note on Thursday, January 22nd. Cantor Fitzgerald cut their price objective on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday, December 17th. 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 research report on Thursday, February 12th. Finally, Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.08.

Institutional Trading of Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of the stock. Suvretta Capital Management LLC increased its holdings in Legend Biotech by 73.1% during the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after purchasing an additional 2,790,620 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Legend Biotech by 120.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock worth $47,274,000 after buying an additional 1,188,449 shares during the period. Davern Capital Partners LP bought a new stake in shares of Legend Biotech in the fourth quarter valued at about $22,972,000. Marshall Wace LLP grew its holdings in Legend Biotech by 4,129.8% during the 4th quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock worth $16,434,000 after acquiring an additional 738,081 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Legend Biotech during the 2nd quarter worth about $15,790,000. Institutional investors own 70.89% of the company’s stock.

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.