Legend Biotech (LEGN) Moves 5.1% Higher: Will This Strength Last?

Legend Biotech Corporation Sponsored ADR (LEGN) shares rallied 5.1% in the last trading session to close at $33.74. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 15.4% loss over the past four weeks.The sharp surge in the stock price has likely been driven by investor optimism surrounding the sustained strong sales of Legend Biotech’s Carvykti, a one-time treatment for relapsed or refractory multiple myeloma, developed and marketed in collaboration with Johnson & Johnson.This company is expected to post quarterly loss of $0.34 per share in its upcoming report, which represents a year-over-year change of -112.5%. Revenues are expected to be $190.47 million, up 102.7% 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 been revised 4.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 is part of the Zacks Medical - Biomedical and Genetics industry. BioMarin Pharmaceutical (BMRN), another stock in the same industry, closed the last trading session 0.6% higher at $60.02. BMRN has returned -16.6% in the past month.BioMarin's consensus EPS estimate for the upcoming report has changed -0.3% over the past month to $0.95. Compared to the company's year-ago EPS, this represents a change of +33.8%. BioMarin currently boasts a Zacks Rank of #2 (Buy).Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Legend Biotech Corporation Sponsored ADR (LEGN): Free Stock Analysis Report BioMarin Pharmaceutical Inc. (BMRN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks