Legend Biotech Co. (NASDAQ:LEGN) Short Interest Down 13.1% in March

Legend Biotech Co. (NASDAQ:LEGN) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 11,390,000 shares, a decline of 13.1% from the February 28th total of 13,100,000 shares. Based on an average daily volume of 1,230,000 shares, the short-interest ratio is presently 9.3 days. Currently, 6.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

LEGN has been the topic of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Morgan Stanley decreased their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Piper Sandler restated an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Legend Biotech has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently bought and sold shares of the company. Suvretta Capital Management LLC acquired a new position in shares of Legend Biotech during the fourth quarter worth about $113,767,000. Deerfield Management Company L.P. Series C acquired a new position in Legend Biotech during the 4th quarter worth approximately $50,493,000. Braidwell LP raised its stake in shares of Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after buying an additional 1,436,400 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after buying an additional 1,022,365 shares during the period. Finally, Artisan Partners Limited Partnership boosted its stake in shares of Legend Biotech by 155.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock valued at $48,991,000 after buying an additional 915,891 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $31.52 on Wednesday. The stock’s 50-day moving average price is $36.40 and its 200 day moving average price is $39.27. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $5.79 billion, a PE ratio of -33.18 and a beta of 0.19. Legend Biotech has a 52-week low of $30.17 and a 52-week high of $60.87.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. During the same quarter in the previous year, the company posted ($0.40) earnings per share. The company’s revenue for the quarter was up 134.6% compared to the same quarter last year. As a group, equities research analysts forecast that Legend Biotech will post -1.31 EPS for the current 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).