Short Interest in Legend Biotech Co. (NASDAQ:LEGN) Drops By 13.1%

Legend Biotech Co. (NASDAQ:LEGN) was the recipient of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 11,390,000 shares, a drop 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 currently 9.3 days. Approximately 6.2% of the company’s stock are sold short.

Institutional Inflows and Outflows

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

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN traded up $0.16 on Thursday, hitting $33.40. 535,681 shares of the company were exchanged, compared to its average volume of 1,201,794. The company’s 50 day moving average price is $36.32 and its two-hundred day moving average price is $39.23. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of -35.16 and a beta of 0.19. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech has a one year low of $30.17 and a one year high of $60.87.

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 firm had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. During the same period in the previous year, the company posted ($0.40) earnings per share. The company’s quarterly revenue was up 134.6% compared to the same quarter last year. Research analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LEGN. 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 set a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Morgan Stanley cut their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Finally, HC Wainwright upped their price target on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $79.00.

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).