Legend Biotech Corp (NASDAQ:LEGN) reported downbeat results for the first quarter on Tuesday.



The company posted quarterly losses of 3 cents per share which missed the analyst consensus estimate of losses of 2 cents per share. The company reported quarterly sales of $305.100 million which missed the analyst consensus estimate of $307.035 million.



“We believe CARVYKTI’s continued adoption and strong year‑over‑year growth reinforce our leadership in BCMA CAR‑T and the strength of our underlying operating model,” said Ying Huang, Ph.D., Chief Executive Officer of Legend Biotech. “As scale continues to build, we are seeing operating leverage translate into improving margins, supporting our path toward sustainable profitability. This continued progress is enabling us to advance our broad pipeline of cell therapy programs and extend the impact of our platform to address unmet needs for patients across multiple indications.”



Legend Biotech shares rose 1.3% to trade at $28.63 on Wednesday.



These analysts made changes to their price targets on Legend Biotech following earnings announcement.



<ul>
<li>RBC Capital analyst Leonid Timashev maintained Legend Biotech with an Outperform rating and raised the price target from $62 to $64.</li>



<li>Morgan Stanley analyst Matthew Harrison maintained the stock with an Overweight rating and lowered the price target from $49 to $48.</li>



<li>TD Cowen analyst Yaron Werber maintained the stock with a Hold and raised the price target from $21 to $29.</li>
</ul>



Considering buying LEGN stock? Here’s what analysts think: 



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LEGN

Legend Biotech (LEGN) reported Q1 losses of 3 cents per share and sales of $305.1 million, missing estimates. Despite this, the stock rose 1.3% to $28.63. Analysts maintained ratings and adjusted price targets, with RBC Capital raising its target from $62 to $64, Morgan Stanley lowering it from $49 to $48, and TD Cowen increasing it from $21 to $29. CEO Ying Huang emphasized the company's growth and path toward sustainable profitability.

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These Analysts Revise Their Forecasts On Legend Biotech After Q1 Results