ViewRay shares ended the last trading session 11.7% higher at $6.61. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% gain over the past four weeks.

ViewRay scored a strong price increase driven by optimism surrounding the company’s entry into a master purchase agreement with GenesisCare for up to 14 MRIdian MR-Guided Therapy Systems. The agreement will immediately expand programs in U.K. and Ft. Myers, FL. ViewRay’s management believes that the latest tie-up will expand the patient benefits in the U.K., United States and beyond.

This radiation therapy systems maker is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of +11.1%. Revenues are expected to be $14.11 million, down 0.8% 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 ViewRay, 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 VRAY 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 >>>>