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

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) was the target of a significant decline in short interest during the month of December. As of December 31st, there was short interest totalling 20,900,000 shares, a decline of 8.9% from the December 15th total of 22,950,000 shares. Based on an average daily trading volume, of 1,520,000 shares, the days-to-cover ratio is presently 13.8 days.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new stake in Legend Biotech in the 3rd quarter worth approximately $148,000. SG Americas Securities LLC bought a new position in shares of Legend Biotech in the third quarter worth approximately $212,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech in the third quarter worth $229,000. Vanguard Personalized Indexing Management LLC raised its position in shares of Legend Biotech by 31.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company's stock valued at $290,000 after purchasing an additional 1,571 shares during the period. Finally, Aigen Investment Management LP purchased a new position in shares of Legend Biotech during the 3rd quarter valued at $300,000. Institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded up $1.23 during midday trading on Friday, hitting $32.66. 1,777,631 shares of the company's stock traded hands, compared to its average volume of 1,017,877. Legend Biotech has a 1 year low of $30.17 and a 1 year high of $70.13. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of -34.38 and a beta of 0.16. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a fifty day moving average of $36.73 and a 200 day moving average of $46.00.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 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 66.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.17) EPS. On average, analysts forecast that Legend Biotech will post -1.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on LEGN shares. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and set a $73.00 price target on shares of Legend Biotech in a report on Tuesday, December 10th. Cantor Fitzgerald restated an "overweight" rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Royal Bank of Canada reiterated an "outperform" rating and set a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Piper Sandler restated an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Legend Biotech currently has a consensus rating of "Buy" and an average price target of $80.62.

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).