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Legend Biotech Corporation Sponsored ADR (LEGN) - free report >>
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Legend Biotech Corporation Sponsored ADR (LEGN) - free report >>
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Legend Biotech Corporation Sponsored ADR (LEGN) Soars 10.9%: Is Further Upside Left in the Stock?
Legend Biotech Corporation Sponsored ADR (LEGN - Free Report) shares soared 10.9% in the last trading session to close at $48.21. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 17.3% loss over the past four weeks.
Share price of LEGN rose after the company announced its plans for a public issue of more than 8 million American Depositary Shares (ADSs) and raise $350 million. This amount will likely be used by the company to support the production and marketing of its recently approved multiple myeloma drug, Carvykti. The drug has been developed in partnership with J&J.
This company is expected to post quarterly loss of $0.58 per share in its upcoming report, which represents a year-over-year change of -81.3%. Revenues are expected to be $41.15 million, up 103.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Legend Biotech Corporation Sponsored ADR, the consensus EPS estimate for the quarter has been revised 2% 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 Corporation Sponsored ADR is part of the Zacks Medical - Biomedical and Genetics industry. Caribou Biosciences, Inc. (CRBU - Free Report) , another stock in the same industry, closed the last trading session 5% higher at $8.13. CRBU has returned 36.3% in the past month.
For Caribou Biosciences, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.37. This represents a change of +75.5% from what the company reported a year ago. Caribou Biosciences, Inc. currently has a Zacks Rank of #3 (Hold).