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Prothena Corporation plc (PRTA) - free report >>
Legend Biotech Corporation Sponsored ADR (LEGN) - free report >>
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Prothena Corporation plc (PRTA) - free report >>
Legend Biotech Corporation Sponsored ADR (LEGN) - free report >>
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Legend Biotech (LEGN) Surges 12.1%: Is This an Indication of Further Gains?
Legend Biotech Corporation Sponsored ADR (LEGN - Free Report) shares ended the last trading session 12.1% higher at $54.37. 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 11.1% gain over the past four weeks.
This surge in share price came after following an article issued by StreetInsider.com, which stated that the company has recently received a takeover bid from an unidentified bidder.
The article further claimed that Legend has hired investment banking firm Centerview Partners to assist its board of directors in reviewing this takeover offer. However, the article did not provide information on whether this interest could lead to a potential sale. Legend is yet to confirm these reports.
This company is expected to post quarterly loss of $0.55 per share in its upcoming report, which represents a year-over-year change of -103.7%. Revenues are expected to be $118.27 million, up 61.3% 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, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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 is part of the Zacks Medical - Biomedical and Genetics industry. Prothena (PRTA - Free Report) , another stock in the same industry, closed the last trading session 0.5% higher at $22.47. PRTA has returned 4.6% in the past month.
For Prothena, the consensus EPS estimate for the upcoming report has changed +0.3% over the past month to -$1.01. This represents a change of +1.9% from what the company reported a year ago. Prothena currently has a Zacks Rank of #3 (Hold).