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In a turbulent market environment, Legend Biotech Corp (LEGN) stock has touched a new 52-week low, reaching a price level of $30.16. According to InvestingPro data, the company maintains strong financial health with a current ratio of 4.62 and more cash than debt on its balance sheet. This latest dip underscores a challenging period for the biotechnological firm, which has seen its stock price plummet by 43.54% over the past year. Despite the decline, the company has achieved impressive revenue growth of 120% over the last twelve months. Investors have been closely monitoring Legend Biotech's performance, as the company navigates through a landscape marked by rapid changes in the biotech sector and investor sentiment. The 52-week low serves as a critical indicator for the company's valuation and could potentially attract attention from bargain-seeking investors or signal caution for those concerned about the company's near-term prospects. InvestingPro analysis suggests the stock is currently undervalued, with analyst price targets ranging from $53 to $95, indicating significant potential upside. Discover more insights and 7 additional ProTips with an InvestingPro subscription.
In other recent news, Legend Biotech reported fourth-quarter 2024 financial results that exceeded analyst expectations, with revenue reaching $186.52 million, surpassing projections of $173.99 million. The company also reported adjusted earnings per share of -$0.16, which beat the consensus estimate of -$0.25. CARVYKTI, their multiple myeloma treatment, generated approximately $334 million in net trade sales for the quarter and $963 million for the full year 2024. Legend Biotech's management expressed confidence in continued strong performance for 2025, emphasizing expected growth and expansion.
In analyst updates, RBC Capital, BMO Capital Markets, Piper Sandler, and H.C. Wainwright all maintained positive ratings on Legend Biotech, citing strong growth prospects and revenue potential. RBC Capital highlighted an expected $1.93 billion in Carvykti revenues for 2025, while Piper Sandler projected a significant increase in global net sales for CARVYKTI, with an 82% growth from 2024 to 2025. BMO Capital Markets noted the potential doubling of yearly revenue due to capacity expansion, and H.C. Wainwright raised its price target to $75, aligning with consensus sales estimates for 2025. Additionally, Legend Biotech has initiated commercial production at a Novartis (SIX:NOVN) facility and gained reimbursement approval in Spain for CARVYKTI in earlier treatment lines.
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