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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) Stock Jumps 14.2%: Will It Continue to Soar?
Legend Biotech Corporation Sponsored ADR (LEGN - Free Report) shares ended the last trading session 14.2% higher at $45.91. 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 4.3% loss over the past four weeks.
Share price likely rose after management announcement preliminary sales figures for its multiple myeloma therapy Carvykti for third-quarter 2022. Per an SEC filing by LEGN, Carvykti generated preliminary revenues of around $55 million in net trade sales. Investors cheered for the strong sales figures as the drug was granted FDA approval this February.
This company is expected to post quarterly loss of $0.69 per share in its upcoming report, which represents a year-over-year change of -60.5%. Revenues are expected to be $42.97 million, up 154.5% 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 6.3% 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 a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Viridian Therapeutics, Inc. (VRDN - Free Report) , finished the last trading session 3.4% higher at $20.42. VRDN has returned -6.5% over the past month.
Viridian Therapeutics, Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.87. Compared to the company's year-ago EPS, this represents a change of +30.4%. Viridian Therapeutics, Inc. currently boasts a Zacks Rank of #3 (Hold).