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Strength Seen in MacroGenics (MGNX): Can Its 25.7% Jump Turn into More Strength?
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MacroGenics (MGNX - Free Report) shares ended the last trading session 25.7% higher at $6.61. 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 0.2% gain over the past four weeks.
Promising preliminary data from an early-stage study evaluating MacroGenics’ cancer candidate, lorigerlimab, in patients with metastatic castration-resistant prostate cancer led the rally in company’s share price. Similar progress in clinical studies is likely to push share price higher.
This biopharmaceutical company is expected to post quarterly earnings of $0.65 per share in its upcoming report, which represents a year-over-year change of +168.4%. Revenues are expected to be $109.44 million, up 673.5% 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 MacroGenics, 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 MGNX going forward to see if this recent jump can turn into more strength down the road.
MacroGenics is part of the Zacks Medical - Products industry. TerrAscend Corp. , another stock in the same industry, closed the last trading session 2.3% higher at $1.81. TRSSF has returned 27.3% in the past month.
For TerrAscend Corp., the consensus EPS estimate for the upcoming report has changed +11.1% over the past month to -$0.05. This represents a change of -66.7% from what the company reported a year ago. TerrAscend Corp. currently has a Zacks Rank of #1 (Strong Buy).
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Strength Seen in MacroGenics (MGNX): Can Its 25.7% Jump Turn into More Strength?
MacroGenics (MGNX - Free Report) shares ended the last trading session 25.7% higher at $6.61. 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 0.2% gain over the past four weeks.
Promising preliminary data from an early-stage study evaluating MacroGenics’ cancer candidate, lorigerlimab, in patients with metastatic castration-resistant prostate cancer led the rally in company’s share price. Similar progress in clinical studies is likely to push share price higher.
This biopharmaceutical company is expected to post quarterly earnings of $0.65 per share in its upcoming report, which represents a year-over-year change of +168.4%. Revenues are expected to be $109.44 million, up 673.5% 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 MacroGenics, 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 MGNX 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 >>>>
MacroGenics is part of the Zacks Medical - Products industry. TerrAscend Corp. , another stock in the same industry, closed the last trading session 2.3% higher at $1.81. TRSSF has returned 27.3% in the past month.
For TerrAscend Corp., the consensus EPS estimate for the upcoming report has changed +11.1% over the past month to -$0.05. This represents a change of -66.7% from what the company reported a year ago. TerrAscend Corp. currently has a Zacks Rank of #1 (Strong Buy).