Cardiff Oncology (CRDF Quick QuoteCRDF - Free Report) shares rallied 7% in the last trading session to close at $6.74. 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 9.8% gain over the past four weeks.

Last week, the company announced encouraging new data from a phase Ib/II study evaluating its pipeline candidate, onvansertib, in combination with Folfiri/bevacizumab (standard-of-care) for the second-line treatment of patients with KRAS-mutated metastatic colorectal cancer. Data from the study showed that onvansertib plus standard-of-care led to robust objective response rate and progression-free survival compared to standard-of-care alone. This might have been driving the rally.

Price and Consensus

This molecular diagnostic company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +10.5%. Revenues are expected to be $0.06 million, down 57.1% 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 Cardiff Oncology, the consensus EPS estimate for the quarter has been revised 4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CRDF 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 >>>>