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

Legend Biotech Co. (NASDAQ:LEGN - Get Free Report) saw 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 volume of 1,640,000 shares, the short-interest ratio is presently 7.8 days. Approximately 7.0% of the shares of the stock are sold short.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently bought and sold shares of LEGN. GAMMA Investing LLC increased 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 buying an additional 765 shares during the period. Quarry LP bought a new stake in Legend Biotech in the 1st quarter valued at $48,000. Signaturefd LLC increased 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 buying 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 $56,000. Finally, Brooklyn Investment Group increased 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 buying an additional 1,583 shares during the period. Institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Performance

LEGN stock traded down $1.08 on Friday, reaching $36.83. 1,553,091 shares of the company were exchanged, compared to its average volume of 1,337,017. Legend Biotech has a 12 month low of $27.34 and a 12 month high of $60.87. The stock's fifty day moving average price is $31.96 and its 200 day moving average price is $34.43. The firm has a market capitalization of $6.77 billion, a PE ratio of -38.77 and a beta of 0.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. 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 previous year, the firm posted ($0.16) earnings per share. Legend Biotech's revenue was up 107.8% compared to the same quarter last year. On average, research analysts anticipate that Legend Biotech will post -1.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LEGN. Truist Financial lowered their price objective 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 reissued an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 price target on shares of Legend Biotech in a report on Wednesday, May 14th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Finally, Morgan Stanley reduced their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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).

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