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

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) saw a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 13,110,000 shares, a drop of 37.3% from the December 31st total of 20,900,000 shares. Based on an average daily volume of 1,480,000 shares, the days-to-cover ratio is currently 8.9 days.

Legend Biotech Stock Performance

LEGN traded up $0.53 on Tuesday, hitting $37.84. 1,750,385 shares of the stock traded hands, compared to its average volume of 1,363,273. The firm has a market capitalization of $6.91 billion, a PE ratio of -39.83 and a beta of 0.17. The business has a fifty day moving average price of $36.01 and a two-hundred day moving average price of $44.89. Legend Biotech has a 52 week low of $30.17 and a 52 week high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million for the quarter, compared to analysts' expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech's revenue was up 66.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, research analysts predict that Legend Biotech will post -1.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on LEGN shares. Redburn Atlantic started coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, January 21st. Royal Bank of Canada reiterated an "outperform" rating and set a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Piper Sandler restated an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $83.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $79.50.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently modified their holdings of the business. FMR LLC boosted its stake in Legend Biotech by 4.0% in the third quarter. FMR LLC now owns 18,330,219 shares of the company's stock valued at $893,232,000 after acquiring an additional 708,620 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company's stock worth $110,868,000 after purchasing an additional 314,449 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock worth $245,526,000 after purchasing an additional 266,296 shares during the period. Franklin Resources Inc. bought a new stake in Legend Biotech in the third quarter valued at about $12,837,000. Finally, Los Angeles Capital Management LLC acquired a new position in Legend Biotech in the fourth quarter valued at about $5,611,000. Institutional investors and hedge funds own 70.89% of the company's stock.

About Legend Biotech

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).