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

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings data on Tuesday. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22, Briefing.com reports. The firm had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm’s quarterly revenue was up 66.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.17) EPS.

Legend Biotech Price Performance

Shares of LEGN opened at $39.89 on Friday. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of -41.99 and a beta of 0.11. The firm’s fifty day simple moving average is $46.49 and its 200-day simple moving average is $48.34. Legend Biotech has a twelve month low of $38.60 and a twelve month high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.78 and a debt-to-equity ratio of 0.27.

Analysts Set New Price Targets

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