Legend Biotech Corp (LEGN) was rated a new "buy" at a Japanese sell-side firm Tuesday. This commercial-stage biotechnology company, which posted earnings last week, has already rallied this past year, so are there further gains ahead?
Let's check out the charts.
In this daily bar chart of LEGN, below, I can see that LEGN largely traded sideways until March when prices turned to the upside. LEGN trades above the rising 50-day moving average line and above the rising 200-day line. The On-Balance-Volume (OBV) line moved sideways the past year, but turned upward in April to tell us that buyers of LEGN turned more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line, but correcting.
In this weekly Japanese candlestick chart of LEGN, below, I can see that prices have broken out on the upside from a large continuation pattern. Prices are firmly above the rising 40-week moving average line. The weekly OBV line is strong and the MACD oscillator is bullish.
In this daily Point and Figure chart of LEGN, below, I can see a downside price target in the $62 area.
In this weekly Point and Figure chart of LEGN, below, I can see a price target in the $123 area.
Bottom line strategy: LEGN may need or experience further sideways price action before resuming its uptrend. Traders should be patient and let this hopefully short-term consolidation "play out" before going long. 
