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Legend Biotech Corporation Sponsored ADR (LEGN) Stock Jumps 7.8%: Will It Continue to Soar?

Legend Biotech Corporation Sponsored ADR LEGN shares ended the last trading session 7.8% higher at $43.87. 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 7.1% gain over the past four weeks.

Investors continue to be optimistic about the growth prospects of the company’s novel cell therapies for oncology and other indications which should maintain momentum. Ciltacabtagene autoleucel (cilta-cel), an investigational BCMA-directed CAR-T therapy is being evaluated for the treatment of relapsed or refractory multiple myeloma.  A biologics license application seeking approval of cilta-cel was accepted by the FDA.

This company is expected to post quarterly loss of $0.31 per share in its upcoming report, which represents a year-over-year change of -19.2%. Revenues are expected to be $12.5 million, up 7.8% 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 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 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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