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

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

Legend Biotech Price Performance

Legend Biotech stock opened at $32.66 on Friday. Legend Biotech has a 52-week low of $30.17 and a 52-week high of $70.13. 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 business has a 50-day simple moving average of $36.73 and a two-hundred day simple moving average of $46.00.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same period in the prior year, the company earned ($0.17) earnings per share. The firm’s revenue was up 66.9% on a year-over-year basis. On average, sell-side analysts predict that Legend Biotech will post -1.24 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on LEGN. Redburn Atlantic started coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Tuesday, December 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 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 research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech has an average rating of “Buy” and a consensus target price of $80.62.

Institutional Investors Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Avior Wealth Management LLC grew its holdings in Legend Biotech by 3.0% during the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock valued at $541,000 after purchasing an additional 323 shares during the period. Public Sector Pension Investment Board lifted its position in shares of Legend Biotech by 1.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after buying an additional 400 shares in the last quarter. Bridgewater Associates LP grew its stake in shares of Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after acquiring an additional 516 shares during the period. Sei Investments Co. increased its holdings in Legend Biotech by 1.5% in the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after acquiring an additional 702 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in Legend Biotech by 14.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after acquiring an additional 837 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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).