Legend Biotech Co. (NASDAQ:LEGN) Short Interest Down 13.1% in March

by · The Cerbat Gem

Legend Biotech Co. (NASDAQ:LEGN – Get Free Report) was the target of a large 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 trading volume of 1,230,000 shares, the short-interest ratio is currently 9.3 days. Currently, 6.2% of the shares of the stock are sold short.

Legend Biotech Trading Up 0.5 %

LEGN stock traded up $0.16 during midday trading on Thursday, reaching $33.40. The company’s stock had a trading volume of 535,681 shares, compared to its average volume of 1,201,794. The business’s 50-day simple moving average is $36.32 and its 200-day simple moving average is $39.23. The stock has a market cap of $6.13 billion, a PE ratio of -35.16 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 company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

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

Analyst Upgrades and Downgrades

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

Check Out Our Latest Research Report on Legend Biotech

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently bought and sold shares of LEGN. Suvretta Capital Management LLC bought a new stake in shares of Legend Biotech in the 4th quarter valued at $113,767,000. Invesco Ltd. grew 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 period. Braidwell LP increased its holdings in shares of Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after acquiring an additional 1,436,400 shares in the last quarter. Wellington Management Group LLP raised its position in shares of 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 period. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Legend Biotech during the 4th quarter valued at about $50,493,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

About Legend Biotech

(Get Free Report)

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).

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