Legend Biotech Co. (NASDAQ:LEGN) Brief Update on Interests
Legend Biotech Co. (NASDAQ:LEGN) experienced a significant decline in short-term interest during the month of January. As of January 31, there was short interest totaling 4,650,000 shares, down 16.4% from the total of 5,560,000 shares as of January 15. Based on an average trading volume of 728,100 shares, the day-to-cover ratio is currently 6.4 days.
NASDAQ LEGN traded at $0.22 on Friday, reaching $38.33. The company had a trading volume of 4,422 shares, compared to an average volume of 600,534. The stock’s 50-day moving average is $43.56 and its 200-day moving average is $45.17 . The stock has a market capitalization of $5.90 billion, a price-earnings ratio of -30.12 and a beta of 0.10. The company has a quick ratio of 2.37, a current ratio of 2.37 and a leverage ratio of 0.31. Legend Biotech has a 52 week low of $23.41 and a 52 week high of $58.00.
Legend Biotech Inc (NASDAQ:LEGN) last reported quarterly results on Tuesday, November 16. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.08). Legend Biotech had a negative return on equity of 134.33% and a negative net margin of 387.71%. The company posted revenue of $16.88 million in the quarter, versus a consensus estimate of $12.50 million. As a group, analysts expect Legend Biotech to post -1.43 EPS for the current year.
Institutional investors have recently changed their positions in the company. BlackRock Inc. increased its equity stake in Legend Biotech by 284.1% in the second quarter. BlackRock Inc. now owns 802,597 shares of the company worth $32,947,000 after acquiring an additional 593,618 shares in the last quarter. Yong Rong HK Asset Management Ltd acquired a new position in shares of Legend Biotech during the third quarter worth approximately $1,505,000. FengHe Fund Management Pte. ltd. increased its position in Legend Biotech shares by 7.4% during the third quarter. FengHe Fund Management Pte. ltd. now owns 564,806 shares of the company worth $28,557,000 after purchasing an additional 38,734 shares during the period. Marshall Wace LLP increased its position in Legend Biotech shares by 498.5% during the second quarter. Marshall Wace LLP now owns 141,375 shares of the company worth $5,803,000 after purchasing an additional 117,753 shares during the period. Finally, Woodline Partners LP acquired a new position in shares of Legend Biotech during the second quarter worth approximately $11,208,000. Institutional investors hold 25.68% of the company’s shares.
A number of equity research analysts have weighed in on the company recently. Morgan Stanley downgraded Legend Biotech from an “equal weight” rating to an “overweight” rating and set a target price of $51.00 for the company in a Monday, January 31 research report. Zacks Investment Research downgraded Legend Biotech from a “held” rating to a “sell” rating in a Tuesday, November 23 report. Finally, Piper Sandler took on the cover for Legend Biotech in a report on Tuesday, December 21. They issued an “overweight” rating and a price target of $66.00 for the company. An equity research analyst rated the stock with a sell rating and four gave the stock a buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $57.00.
Legend Biotech Company Profile
Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, is engaged in the discovery and development of novel cell therapies for oncology and other indications in North America and abroad . Its lead product candidate, LCAR-B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM), as well as a treatment comparison to standard triple therapy in relapsed and refractory multiple myeloma.
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