Voyager Therapeutics (VYGR Quick QuoteVYGR - Free Report) shares soared 16.5% in the last trading session to close at $5.44. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.5% loss over the past four weeks.

The FDA recently removed a clinical hold on Voyager Therapeutics investigational new drug (IND) application for gene therapy candidate, VY-HTT01 being developed for Huntington’s disease. The FDA clearance of the IND application will allow it proceed with its planned phase I/II study on the candidate. This drove the stock’s price higher.

Price and Consensus

This gene therapy company is expected to post quarterly loss of $0.71 per share in its upcoming report, which represents a year-over-year change of -7.6%. Revenues are expected to be $4.79 million, down 73.5% 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 Voyager Therapeutics, the consensus EPS estimate for the quarter has been revised 5.4% 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 VYGR 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 >>>>