Legend Biotech (NASDAQ:LEGN) Releases Quarterly Earnings Results

Legend Biotech (NASDAQ:LEGN) announced its earnings results on Tuesday. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22, Briefing.com reports. The business had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.22% and a negative net margin of 66.92%. The company’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.17) earnings per share.

Legend Biotech Trading Up 1.4 %

Legend Biotech stock traded up $0.54 during trading hours on Thursday, reaching $39.89. 1,630,092 shares of the company’s stock traded hands, compared to its average volume of 1,094,785. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of -41.42 and a beta of 0.11. The firm’s 50 day moving average is $46.49 and its 200-day moving average is $48.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. Legend Biotech has a fifty-two week low of $38.60 and a fifty-two week high of $70.13.

Analysts Set New Price Targets

A number of equities analysts recently commented on LEGN shares. HC Wainwright reissued a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday. Scotiabank increased their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Tuesday, October 29th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $81.46.

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).