Legend Biotech Co. (NASDAQ:LEGN) Short Interest Down 17.0% in June

Legend Biotech Co. (NASDAQ:LEGN) saw a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 11,000,000 shares, a drop of 17.0% from the May 31st total of 13,260,000 shares. Based on an average daily trading volume, of 1,130,000 shares, the short-interest ratio is presently 9.7 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP raised its holdings in Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after acquiring an additional 962,381 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in Legend Biotech by 101.5% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock worth $114,761,000 after purchasing an additional 860,410 shares in the last quarter. RA Capital Management L.P. boosted its stake in Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after purchasing an additional 596,390 shares during the period. Altitude Crest Partners Inc. purchased a new stake in Legend Biotech during the 4th quarter valued at approximately $32,601,000. Finally, First Turn Management LLC purchased a new stake in Legend Biotech during the 4th quarter valued at approximately $28,646,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded down $0.37 during trading on Friday, hitting $44.29. The company had a trading volume of 571,398 shares, compared to its average volume of 1,326,152. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $77.32. The company has a debt-to-equity ratio of 0.25, a quick ratio of 5.57 and a current ratio of 5.66. The firm has a market capitalization of $8.07 billion, a P/E ratio of -34.07 and a beta of 0.09. The stock has a 50 day simple moving average of $43.79 and a 200 day simple moving average of $53.70.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.13. The company had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The firm’s revenue was up 158.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.40) EPS. As a group, analysts anticipate that Legend Biotech will post -1.93 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on LEGN. Raymond James initiated coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price target for the company. Piper Sandler reiterated an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th. HC Wainwright reissued a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a report on Tuesday, June 4th. Truist Financial started coverage on Legend Biotech in a report on Monday, June 17th. They issued a “buy” rating and a $88.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on Legend Biotech in a report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 target price on the stock. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech presently has a consensus rating of “Buy” and an average price target of $81.67.

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).