Lantheus Holdings (LNTH Quick QuoteLNTH - Free Report) shares soared 16.8% in the last trading session to close at $22.78. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 17.2% loss over the past four weeks.

Lantheus Holdings scored a strong price increase following the receipt of the FDA’s approval for its F 18-labeled prostate-specific membrane antigen (PSMA) targeted positron emission tomography (PET) imaging agent — PYLARIFY — to identify suspected metastasis or recurrence of prostate cancer. Following the approval, the PYLARIFY becomes the first and only commercially available PSMA PET imaging agent for prostate cancer.

Price and Consensus

This diagnostic imaging company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of -50%. Revenues are expected to be $94.82 million, up 43.6% 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 Lantheus Holdings, the consensus EPS estimate for the quarter has been revised 100% 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 LNTH 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 >>>>