Legend Biotech Co. (NASDAQ:LEGN) Short Interest Update

Legend Biotech Co. (NASDAQ:LEGN) was the recipient of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 11,390,000 shares, a decrease of 13.1% from the February 28th total of 13,100,000 shares. Based on an average daily volume of 1,230,000 shares, the short-interest ratio is presently 9.3 days. Currently, 6.2% of the company’s stock are sold short.

Institutional Trading of Legend Biotech

Several large investors have recently modified their holdings of the stock. Suvretta Capital Management LLC bought a new position in Legend Biotech in the 4th quarter valued at about $113,767,000. Invesco Ltd. increased its stake in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after acquiring an additional 1,022,365 shares during the last quarter. Braidwell LP raised its position in Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock valued at $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Wellington Management Group LLP lifted its stake in Legend Biotech by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock worth $69,010,000 after purchasing an additional 84,405 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C acquired a new stake in shares of Legend Biotech in the 4th quarter valued at $50,493,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of recent analyst reports. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Piper Sandler reiterated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Morgan Stanley dropped their price target on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $32.88 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of -34.61 and a beta of 0.19. Legend Biotech has a 52 week low of $30.17 and a 52 week high of $60.87. The firm’s 50-day simple moving average is $36.22 and its 200 day simple moving average is $39.18.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. During the same period in the previous year, the company posted ($0.40) earnings per share. The firm’s revenue for the quarter was up 134.6% compared to the same quarter last year. As a group, sell-side analysts predict that Legend Biotech will post -1.31 earnings per share for the current year.

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).