Legend Biotech Co. (NASDAQ:LEGN) Short Interest Up 15.3% in September

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

Legend Biotech Trading Down 0.2 %

Shares of LEGN stock traded down $0.08 during mid-day trading on Wednesday, reaching $44.83. 85,101 shares of the stock traded hands, compared to its average volume of 1,020,779. The company has a market cap of $8.17 billion, a price-to-earnings ratio of -34.55 and a beta of 0.10. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. The stock’s fifty day simple moving average is $52.19 and its two-hundred day simple moving average is $49.54. Legend Biotech has a 1-year low of $38.60 and a 1-year high of $70.78.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $125.25 million. During the same period last year, the company earned ($0.27) EPS. The firm’s revenue was up 154.4% compared to the same quarter last year. On average, research analysts anticipate that Legend Biotech will post -1.51 EPS for the current fiscal year.

Analysts Set New Price Targets

LEGN has been the topic of a number of recent analyst reports. Redburn Atlantic initiated coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Friday, September 27th. BMO Capital Markets reaffirmed an “outperform” rating and set a $90.00 price target on shares of Legend Biotech in a report on Wednesday, July 3rd. HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday. Finally, TD Cowen reduced their target price on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Buy” and a consensus price target of $82.08.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently modified their holdings of LEGN. Wellington Management Group LLP raised its position in Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after purchasing an additional 962,381 shares during the last quarter. RA Capital Management L.P. raised its position in shares of Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after acquiring an additional 596,390 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock worth $125,629,000 after acquiring an additional 463,527 shares during the period. Capital International Investors boosted its holdings in Legend Biotech by 19.5% in the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after acquiring an additional 356,387 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Legend Biotech in the second quarter valued at approximately $13,487,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

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).