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Meridian Bioscience (VIVO) Moves 5.7% Higher: Will This Strength Last?

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Meridian Bioscience (VIVO - Free Report) shares ended the last trading session 5.7% higher at $28.50. 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 3.4% gain over the past four weeks.

Meridian Bioscience witnessed solid price appreciation following the news wherein the company announced that its inhibitor-tolerant qPCR master mixes are suitable for the development of fast, accurate and highly sensitive qPCR monkeypox virus (monkeypox) molecular diagnostic tests.

This diagnostic test maker is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of +4.6%. Revenues are expected to be $71.65 million, up 12.8% 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 Meridian Bioscience, 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 VIVO 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 >>>>

Meridian Bioscience is a member of the Zacks Medical - Products industry. One other stock in the same industry, Veru Inc. (VERU - Free Report) , finished the last trading session 6.9% higher at $12.79. VERU has returned -16.3% over the past month.

Veru Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.18. Compared to the company's year-ago EPS, this represents a change of -500%. Veru Inc. currently boasts a Zacks Rank of #3 (Hold).

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