Legend Biotech (NASDAQ:LEGN) Announces Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Legend Biotech (NASDAQ:LEGN) issued its quarterly earnings results on Monday. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.14, MarketWatch Earnings reports. The company had revenue of $96.00 million for the quarter, compared to analyst estimates of $97.25 million. The firm’s revenue for the quarter was up 250.4% compared to the same quarter last year.

Legend Biotech Stock Up 3.0 %

NASDAQ LEGN opened at $66.50 on Monday. The company’s fifty day moving average price is $65.71 and its two-hundred day moving average price is $68.34. The company has a current ratio of 8.01, a quick ratio of 7.93 and a debt-to-equity ratio of 0.19. Legend Biotech has a 12 month low of $42.90 and a 12 month high of $77.32.

Analyst Upgrades and Downgrades

LEGN has been the subject of several recent research reports. Barclays increased their price objective on shares of Legend Biotech from $92.00 to $93.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. HC Wainwright upped their target price on shares of Legend Biotech from $86.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, November 15th. Citigroup began coverage on shares of Legend Biotech in a research note on Wednesday, August 2nd. They issued a “buy” rating for the company. Finally, The Goldman Sachs Group began coverage on shares of Legend Biotech in a research note on Monday, November 6th. They issued a “buy” rating and a $90.09 target price for the company. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and an average target price of $82.01.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LEGN. PNC Financial Services Group Inc. increased its holdings in shares of Legend Biotech by 72.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 876 shares of the company’s stock worth $60,000 after acquiring an additional 369 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in Legend Biotech by 6.6% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,425 shares of the company’s stock valued at $306,000 after buying an additional 525 shares during the period. Coppell Advisory Solutions LLC acquired a new position in Legend Biotech during the 2nd quarter valued at about $41,000. American International Group Inc. bought a new position in shares of Legend Biotech during the 2nd quarter valued at about $33,000. Finally, Lazard Asset Management LLC bought a new position in shares of Legend Biotech during the 4th quarter valued at about $33,000. 49.61% of the stock is currently owned by institutional investors.

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).