Aptevo Therapeutics Inc. (APVO Quick QuoteAPVO - Free Report) shares soared 8.7% in the last trading session to close at $28.08. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.7% gain over the past four weeks.

Shares of this clinical-stage biotechnology surged as investors are optimistic on the prospects of its anti-leukemia drug candidate, APVO436, for adult patients with acute myeloid leukemia.

This company is expected to post quarterly loss of $1.95 per share in its upcoming report, which represents a year-over-year change of +7.1%. Revenues are expected to be $2.7 million, up 474.5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Aptevo Therapeutics 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 APVO 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 >>>>