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SurModics (SRDX) Surges 6.1%: Is This an Indication of Further Gains?
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SurModics (SRDX - Free Report) shares soared 6.1% in the last trading session to close at $27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22.4% loss over the past four weeks.
Surmodics recorded a strong price increase before its first-quarter fiscal 2023 earnings release with the latest Zacks Consensus Estimate showing significant upward revision for its quarterly revenues compared to the year-ago reported number. The company is expected to release its fiscal first-quarter earnings on Feb 2, 2023. Also, Surmodics’ announcement of favorable data regarding the differentiated capabilities of its crystalline drug release platform for sirolimus-coated balloons in connection with 12-month data from its SWING trial at the recently-concluded International Symposium on Endovascular Therapy raises optimism.
This drug delivery technology company is expected to post quarterly loss of $0.65 per share in its upcoming report, which represents a year-over-year change of -400%. Revenues are expected to be $24.19 million, up 5.2% 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 SurModics, the consensus EPS estimate for the quarter has been revised 3.5% 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 SRDX going forward to see if this recent jump can turn into more strength down the road.
SurModics is a member of the Zacks Medical - Products industry. One other stock in the same industry, MacroGenics (MGNX - Free Report) , finished the last trading session 1.4% higher at $5.87. MGNX has returned -2.5% over the past month.
For MacroGenics, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.65. This represents a change of +168.4% from what the company reported a year ago. MacroGenics currently has a Zacks Rank of #2 (Buy).
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SurModics (SRDX) Surges 6.1%: Is This an Indication of Further Gains?
SurModics (SRDX - Free Report) shares soared 6.1% in the last trading session to close at $27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22.4% loss over the past four weeks.
Surmodics recorded a strong price increase before its first-quarter fiscal 2023 earnings release with the latest Zacks Consensus Estimate showing significant upward revision for its quarterly revenues compared to the year-ago reported number. The company is expected to release its fiscal first-quarter earnings on Feb 2, 2023. Also, Surmodics’ announcement of favorable data regarding the differentiated capabilities of its crystalline drug release platform for sirolimus-coated balloons in connection with 12-month data from its SWING trial at the recently-concluded International Symposium on Endovascular Therapy raises optimism.
This drug delivery technology company is expected to post quarterly loss of $0.65 per share in its upcoming report, which represents a year-over-year change of -400%. Revenues are expected to be $24.19 million, up 5.2% 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 SurModics, the consensus EPS estimate for the quarter has been revised 3.5% 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 SRDX 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 >>>>
SurModics is a member of the Zacks Medical - Products industry. One other stock in the same industry, MacroGenics (MGNX - Free Report) , finished the last trading session 1.4% higher at $5.87. MGNX has returned -2.5% over the past month.
For MacroGenics, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.65. This represents a change of +168.4% from what the company reported a year ago. MacroGenics currently has a Zacks Rank of #2 (Buy).