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Legend Biotech (LEGN) Moves 18.4% Higher: Will This Strength Last?
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Legend Biotech Corporation Sponsored ADR (LEGN - Free Report) shares ended the last trading session 18.4% higher at $25.07. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.6% gain over the past four weeks.
The sudden rise in the stock price is likely fueled by investor optimism over the continued strong sales of Carvykti, Legend Biotech’s one-time therapy for relapsed or refractory multiple myeloma, developed and marketed in partnership with Johnson & Johnson. The company has a broad clinical pipeline comprising several oncology candidates being developed across various stages.
This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +71.4%. Revenues are expected to be $308.38 million, up 58.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Legend Biotech, the consensus EPS estimate for the quarter has been revised 17.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on LEGN going forward to see if this recent jump can turn into more strength down the road.
Legend Biotech belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Harmony Biosciences Holdings, Inc. (HRMY - Free Report) , closed the last trading session 1.5% lower at $29.53. Over the past month, HRMY has returned 8.2%.
Harmony Biosciences' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.76. Compared to the company's year-ago EPS, this represents a change of -2.6%. Harmony Biosciences currently boasts a Zacks Rank of #5 (Strong Sell).
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Legend Biotech (LEGN) Moves 18.4% Higher: Will This Strength Last?
Legend Biotech Corporation Sponsored ADR (LEGN - Free Report) shares ended the last trading session 18.4% higher at $25.07. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 21.6% gain over the past four weeks.
The sudden rise in the stock price is likely fueled by investor optimism over the continued strong sales of Carvykti, Legend Biotech’s one-time therapy for relapsed or refractory multiple myeloma, developed and marketed in partnership with Johnson & Johnson. The company has a broad clinical pipeline comprising several oncology candidates being developed across various stages.
This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +71.4%. Revenues are expected to be $308.38 million, up 58.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Legend Biotech, the consensus EPS estimate for the quarter has been revised 17.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on LEGN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Legend Biotech belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Harmony Biosciences Holdings, Inc. (HRMY - Free Report) , closed the last trading session 1.5% lower at $29.53. Over the past month, HRMY has returned 8.2%.
Harmony Biosciences' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.76. Compared to the company's year-ago EPS, this represents a change of -2.6%. Harmony Biosciences currently boasts a Zacks Rank of #5 (Strong Sell).