Precision BioSciences (DTIL Quick QuoteDTIL - Free Report) shares rallied 6.6% in the last trading session to close at $12.14. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.2% gain over the past four weeks.

Earlier this week, the company along with partner SpringWorks Therapeutics, announced that they have dosed the first patient in the combination arm of the phase I/IIa study which is evaluating Precision’s investigational allogeneic BCMA-targeted CAR T cell therapy, PBCAR269A in combination with SpringWorks’ investigational gamma secretase inhibitor, nirogacestat for treating patients with relapsed/refractory multiple myeloma. This might have been driving the rally.

This genome editing company is expected to post quarterly loss of $0.38 per share in its upcoming report, which represents a year-over-year change of +39.7%. Revenues are expected to be $22.74 million, up 2005.2% 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 Precision BioSciences, the consensus EPS estimate for the quarter has been revised 22.4% 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 DTIL 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 >>>>