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Strength Seen in Exact Sciences (EXAS): Can Its 24.7% Jump Turn into More Strength?
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Exact Sciences (EXAS - Free Report) shares rallied 24.7% in the last trading session to close at $58.82. 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 5.8% gain over the past four weeks.
Exact Sciences registered a strong price increase driven by the optimism surrounding the company’s announcement of preliminary fourth-quarter 2022 results on Jan 8. The company announced that total revenue for the fourth quarter is expected in the range of $550.7-$552.7 million, suggesting an increase of 16% year over year. The Zacks Consensus Estimate for the fourth quarter revenue suggests a growth of 6.4%. Management noted that fourth-quarter results reflect the strength of the business and the momentum building behind the best brands in cancer diagnostics — Cologuard and Oncotype DX — raising investors’ optimism.
This molecular diagnostics company is expected to post quarterly loss of $0.97 per share in its upcoming report, which represents a year-over-year change of +24.2%. Revenues are expected to be $504.29 million, up 6.4% 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 Exact Sciences, 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 EXAS going forward to see if this recent jump can turn into more strength down the road.
Exact Sciences belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Ultragenyx (RARE - Free Report) , closed the last trading session 13% lower at $40.60. Over the past month, RARE has returned 14.8%.
Ultragenyx's consensus EPS estimate for the upcoming report has changed -3.4% over the past month to -$1.96. Compared to the company's year-ago EPS, this represents a change of -9.5%. Ultragenyx currently boasts a Zacks Rank of #4 (Sell).
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Strength Seen in Exact Sciences (EXAS): Can Its 24.7% Jump Turn into More Strength?
Exact Sciences (EXAS - Free Report) shares rallied 24.7% in the last trading session to close at $58.82. 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 5.8% gain over the past four weeks.
Exact Sciences registered a strong price increase driven by the optimism surrounding the company’s announcement of preliminary fourth-quarter 2022 results on Jan 8. The company announced that total revenue for the fourth quarter is expected in the range of $550.7-$552.7 million, suggesting an increase of 16% year over year. The Zacks Consensus Estimate for the fourth quarter revenue suggests a growth of 6.4%. Management noted that fourth-quarter results reflect the strength of the business and the momentum building behind the best brands in cancer diagnostics — Cologuard and Oncotype DX — raising investors’ optimism.
This molecular diagnostics company is expected to post quarterly loss of $0.97 per share in its upcoming report, which represents a year-over-year change of +24.2%. Revenues are expected to be $504.29 million, up 6.4% 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 Exact Sciences, 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 EXAS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Exact Sciences belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Ultragenyx (RARE - Free Report) , closed the last trading session 13% lower at $40.60. Over the past month, RARE has returned 14.8%.
Ultragenyx's consensus EPS estimate for the upcoming report has changed -3.4% over the past month to -$1.96. Compared to the company's year-ago EPS, this represents a change of -9.5%. Ultragenyx currently boasts a Zacks Rank of #4 (Sell).