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

Legend Biotech Co. (NASDAQ:LEGN) was the target of a large 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 trading volume, of 1,230,000 shares, the short-interest ratio is presently 9.3 days. Approximately 6.2% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Legend Biotech by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock valued at $69,010,000 after acquiring an additional 84,405 shares during the period. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Legend Biotech during the 4th quarter worth about $914,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Legend Biotech during the 4th quarter worth approximately $776,000. Polar Asset Management Partners Inc. increased its position in Legend Biotech by 65.8% during the 4th quarter. Polar Asset Management Partners Inc. now owns 24,638 shares of the company’s stock worth $802,000 after purchasing an additional 9,779 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in Legend Biotech in the fourth quarter valued at approximately $56,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Down 7.1 %

LEGN opened at $31.52 on Wednesday. Legend Biotech has a 12 month low of $30.17 and a 12 month high of $60.87. The business has a 50-day moving average of $36.40 and a two-hundred day moving average of $39.27. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of -33.18 and a beta of 0.19.

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

Wall Street Analysts Forecast Growth

LEGN has been the subject of several recent research reports. Royal Bank of Canada restated 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 set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Morgan Stanley dropped their price target on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

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).