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

Legend Biotech Co. (NASDAQ:LEGN) was the recipient of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 12,840,000 shares, a growth of 69.4% from the May 15th total of 7,580,000 shares. Currently, 7.0% of the company’s shares are short sold. Based on an average daily trading volume, of 1,640,000 shares, the days-to-cover ratio is currently 7.8 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LEGN. GAMMA Investing LLC grew its position in shares of Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after purchasing an additional 765 shares during the last quarter. Quarry LP acquired a new position in shares of Legend Biotech during the 1st quarter worth approximately $48,000. GF Fund Management CO. LTD. bought a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $56,000. Brooklyn Investment Group grew its position in Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after buying an additional 1,583 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after acquiring an additional 1,579 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Down 2.7%

Shares of Legend Biotech stock traded down $0.99 during trading hours on Monday, reaching $35.84. 1,353,211 shares of the company’s stock were exchanged, compared to its average volume of 1,337,083. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $60.87. The stock has a market cap of $6.59 billion, a P/E ratio of -37.73 and a beta of 0.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $31.96 and a two-hundred day moving average of $34.37.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.33. The firm had revenue of $195.05 million during the quarter, compared to analysts’ expectations of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue for the quarter was up 107.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.16) earnings per share. On average, sell-side analysts forecast that Legend Biotech will post -1.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LEGN. Morgan Stanley decreased their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Truist Financial lowered their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of Legend Biotech in a report on Wednesday, May 14th. Royal Bank of Canada restated an “outperform” rating and issued a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and an average target price of $76.20.

Legend Biotech Company Profile

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).