Short Interest in Legend Biotech Co. (NASDAQ:LEGN) Grows By 15.3%

Legend Biotech Co. (NASDAQ:LEGN) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 12,070,000 shares, a growth of 15.3% from the September 15th total of 10,470,000 shares. Based on an average daily volume of 950,900 shares, the days-to-cover ratio is currently 12.7 days.

Legend Biotech Price Performance

LEGN stock opened at $44.91 on Wednesday. The company has a 50 day simple moving average of $52.19 and a 200 day simple moving average of $49.54. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of -34.55 and a beta of 0.10. Legend Biotech has a 1 year low of $38.60 and a 1 year high of $70.78. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. During the same period in the prior year, the company earned ($0.27) EPS. The firm’s quarterly revenue was up 154.4% compared to the same quarter last year. Research analysts anticipate that Legend Biotech will post -1.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday. Redburn Atlantic assumed coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective for the company. Scotiabank lifted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. TD Cowen dropped their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Friday, September 27th. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech currently has a consensus rating of “Buy” and a consensus price target of $82.08.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in shares of Legend Biotech in the 4th quarter valued at $45,000. Blue Trust Inc. boosted its stake in shares of Legend Biotech by 10,075.0% in the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after purchasing an additional 806 shares during the last quarter. American International Group Inc. boosted its stake in shares of Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after purchasing an additional 300 shares during the last quarter. AM Squared Ltd bought a new stake in shares of Legend Biotech in the 2nd quarter valued at $71,000. Finally, California State Teachers Retirement System boosted its stake in shares of Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after purchasing an additional 2,216 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

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).