Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Sees Large Increase in Short Interest

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) was the recipient of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 12,840,000 shares, a growth of 69.4% from the May 15th total of 7,580,000 shares. Based on an average daily trading volume, of 1,640,000 shares, the short-interest ratio is presently 7.8 days. Approximately 7.0% of the company's stock are sold short.

Legend Biotech Stock Performance

LEGN traded up $0.19 on Wednesday, reaching $34.89. The company had a trading volume of 884,227 shares, compared to its average volume of 1,340,171. Legend Biotech has a fifty-two week low of $27.34 and a fifty-two week high of $60.87. The stock has a market cap of $6.41 billion, a P/E ratio of -59.13 and a beta of 0.13. The company's fifty day moving average is $32.11 and its 200 day moving average is $34.33. The company has a debt-to-equity ratio of 0.30, a quick ratio of 5.07 and a current ratio of 5.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results 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 net margin of 29.95% and a negative return on equity of 21.19%. The business had revenue of $195.05 million for the quarter, compared to analyst estimates of $190.83 million. During the same quarter in the prior year, the business earned ($0.16) EPS. Legend Biotech's quarterly revenue was up 107.8% on a year-over-year basis. As a group, analysts predict that Legend Biotech will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in Legend Biotech by 145.4% in the 1st 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 period. Quarry LP bought a new stake in Legend Biotech in the 1st quarter valued at about $48,000. Signaturefd LLC boosted its holdings in Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after purchasing an additional 1,579 shares during the period. GF Fund Management CO. LTD. bought a new stake in Legend Biotech in the 4th quarter valued at about $56,000. Finally, Brooklyn Investment Group boosted its holdings in Legend Biotech by 1,114.8% in the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after purchasing an additional 1,583 shares during the period. Institutional investors own 70.89% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LEGN. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Morgan Stanley lowered their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Truist Financial lowered their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Royal Bank Of Canada restated an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 22nd. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $55.00 price objective on shares of Legend Biotech in a research note on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $76.20.

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).