Legend Biotech Co. (NASDAQ:LEGN) Sees Large Decline in Short Interest

Legend Biotech Co. (NASDAQ:LEGN) was the target of a large decrease in short interest in June. As of June 15th, there was short interest totalling 11,000,000 shares, a decrease of 17.0% from the May 31st total of 13,260,000 shares. Based on an average daily volume of 1,130,000 shares, the days-to-cover ratio is presently 9.7 days.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded down $0.37 during midday trading on Friday, reaching $44.29. 571,398 shares of the stock were exchanged, compared to its average volume of 1,326,152. The company has a quick ratio of 5.57, a current ratio of 5.66 and a debt-to-equity ratio of 0.25. The firm has a market cap of $8.07 billion, a price-to-earnings ratio of -34.07 and a beta of 0.09. The firm has a 50-day simple moving average of $43.79 and a two-hundred day simple moving average of $53.70. Legend Biotech has a twelve month low of $38.60 and a twelve month high of $77.32.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.13. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The firm had revenue of $93.90 million for the quarter, compared to the consensus estimate of $143.24 million. During the same period in the prior year, the firm posted ($0.40) earnings per share. The firm’s quarterly revenue was up 158.7% compared to the same quarter last year. As a group, analysts anticipate that Legend Biotech will post -1.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently modified their holdings of the business. Quarry LP purchased a new position in Legend Biotech during the fourth quarter worth approximately $45,000. American International Group Inc. lifted its position in shares of Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Legend Biotech by 53.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,348 shares of the company’s stock valued at $91,000 after acquiring an additional 472 shares during the period. Barometer Capital Management Inc. purchased a new stake in Legend Biotech in the 4th quarter worth $120,000. Finally, California State Teachers Retirement System raised its position in Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after acquiring an additional 2,216 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LEGN has been the subject of several research reports. Truist Financial initiated coverage on shares of Legend Biotech in a research note on Monday, June 17th. They set a “buy” rating and a $88.00 price objective for the company. Cantor Fitzgerald assumed coverage on Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price target on the stock. Raymond James began coverage on Legend Biotech in a research note on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Legend Biotech in a research report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 target price on the stock. Finally, Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price target for the company in a research report on Wednesday, April 17th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech presently has a consensus rating of “Buy” and a consensus target price of $81.67.

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).