Legend Biotech (NASDAQ:LEGN) Posts Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings data on Tuesday. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22, Briefing.com reports. The company had revenue of $160.20 million for 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 firm’s quarterly revenue was up 66.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.17) earnings per share.

Legend Biotech Stock Up 1.4 %

Shares of Legend Biotech stock traded up $0.54 during trading on Thursday, hitting $39.89. 1,630,092 shares of the stock were exchanged, compared to its average volume of 1,094,785. Legend Biotech has a 12-month low of $38.60 and a 12-month high of $70.13. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of -41.42 and a beta of 0.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78. The firm’s 50-day moving average price is $46.49 and its 200 day moving average price is $48.34.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LEGN. Redburn Atlantic began coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th. Scotiabank lifted their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research note on Wednesday. Thirteen equities research analysts have rated the stock with a buy rating, According to 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).