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

Legend Biotech Co. (NASDAQ:LEGN) was the target of a large increase in short interest in May. As of May 31st, there was short interest totalling 12,840,000 shares, an increase of 69.4% from the May 15th total of 7,580,000 shares. Based on an average daily volume of 1,640,000 shares, the short-interest ratio is presently 7.8 days. Currently, 7.0% of the shares of the stock are short sold.

Institutional Trading of Legend Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. raised its stake in shares of Legend Biotech by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock valued at $71,000 after buying an additional 377 shares during the period. Rhumbline Advisers increased its holdings in Legend Biotech by 1.4% in the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company’s stock worth $951,000 after acquiring an additional 391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Legend Biotech by 1.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company’s stock valued at $1,887,000 after acquiring an additional 579 shares during the period. GAMMA Investing LLC lifted its holdings in Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after purchasing an additional 765 shares during the last quarter. Finally, Shell Asset Management Co. boosted its position 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 purchasing an additional 800 shares during the period. 70.89% of the stock is owned by institutional investors.

Legend Biotech Stock Down 2.7%

NASDAQ:LEGN traded down $0.99 during trading hours on Monday, reaching $35.84. The company had a trading volume of 1,353,211 shares, compared to its average volume of 1,337,083. Legend Biotech has a twelve month low of $27.34 and a twelve month high of $60.87. 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 firm has a market cap of $6.59 billion, a price-to-earnings ratio of -37.73 and a beta of 0.13. The business’s 50-day simple moving average is $31.96 and its two-hundred day simple moving average is $34.37.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $195.05 million during the quarter, compared to analysts’ expectations of $190.83 million. During the same quarter last year, the firm posted ($0.16) earnings per share. The company’s revenue for the quarter was up 107.8% compared to the same quarter last year. On average, equities analysts expect that Legend Biotech will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial cut their price target on Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $84.00 price target on shares of Legend Biotech in a research note on Tuesday, April 22nd. Finally, Morgan Stanley cut their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and an average target price of $76.20.

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).