Cytokinetics (CYTK - Free Report) shares soared 40.4% in the last trading session to close at $27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.8% loss over the past four weeks.
Earlier this week, the company announced positive top-line data form the phase II REDWOOD-HCM study which evaluated its investigational next-generation cardiac myosin inhibitor, CK-3773274 for the potential treatment of hypertrophic cardiomyopathy. Data from the same showed that treatment with CK-3773274 for 10 weeks led to statistically significant reductions from baseline versus placebo in the average resting left ventricular outflow tract pressure gradient (LVOT-G) and the average post-valsalva LVOT-G. This might have driven the rally.
This biopharmaceutical company is expected to post quarterly loss of $0.65 per share in its upcoming report, which represents a year-over-year change of +4.4%. Revenues are expected to be $5.68 million, up 58.3% 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 Cytokinetics, 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 CYTK 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 >>>>
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Cytokinetics (CYTK - Free Report) shares soared 40.4% in the last trading session to close at $27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.8% loss over the past four weeks.
Earlier this week, the company announced positive top-line data form the phase II REDWOOD-HCM study which evaluated its investigational next-generation cardiac myosin inhibitor, CK-3773274 for the potential treatment of hypertrophic cardiomyopathy. Data from the same showed that treatment with CK-3773274 for 10 weeks led to statistically significant reductions from baseline versus placebo in the average resting left ventricular outflow tract pressure gradient (LVOT-G) and the average post-valsalva LVOT-G. This might have driven the rally.
This biopharmaceutical company is expected to post quarterly loss of $0.65 per share in its upcoming report, which represents a year-over-year change of +4.4%. Revenues are expected to be $5.68 million, up 58.3% 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 Cytokinetics, 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 CYTK 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 >>>>
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
Get the latest research report on CYTK - FREE