Cue Biopharma, Inc. (CUE Quick QuoteCUE - Free Report) shares soared 27.7% in the last trading session to close at $14.38. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.2% loss over the past four weeks.

The company announced encouraging interim clinical data from an ongoing phase Ia/Ib monotherapy study evaluating its pipeline candidate, CUE-101 for second-line treatment of patients with HPV+ recurrent/metastatic head and neck squamous cell carcinoma. Data from the same showed a favorable tolerability profile in a monotherapy dose escalation study and generated encouraging emerging data pertaining to its pharmacokinetic/pharmacodynamic profiles and clinical anti-tumor activity. This might have been driving the rally.

Price and Consensus

This company is expected to post quarterly loss of $0.37 per share in its upcoming report, which represents a year-over-year change of +22.9%. Revenues are expected to be $0.48 million, down 47% 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 Cue Biopharma, Inc., 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 CUE 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 >>>>