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

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) saw a significant decrease in short interest in 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 days-to-cover ratio is presently 9.3 days. Approximately 6.2% of the company's stock are sold short.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new position in Legend Biotech in the fourth quarter valued at approximately $56,000. Signaturefd LLC lifted its stake in shares of Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after purchasing an additional 1,579 shares during the period. Shell Asset Management Co. boosted its holdings in Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after buying an additional 800 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Legend Biotech during the fourth quarter worth $77,000. Finally, Quantbot Technologies LP purchased a new position in Legend Biotech in the third quarter valued at $148,000. Institutional investors and hedge funds own 70.89% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on LEGN shares. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Piper Sandler reissued an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Finally, HC Wainwright raised their price objective on Legend Biotech from $73.00 to $75.00 and gave the company a "buy" rating in a research report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $79.00.

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Legend Biotech Stock Performance

LEGN traded down $0.87 on Friday, reaching $32.01. 1,528,662 shares of the stock were exchanged, compared to its average volume of 1,210,987. Legend Biotech has a fifty-two week low of $30.17 and a fifty-two week high of $60.87. The firm has a market capitalization of $5.88 billion, a PE ratio of -33.69 and a beta of 0.21. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company's 50-day moving average price is $36.12 and its 200 day moving average price is $38.96.

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

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).