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Strength Seen in Mirati (MRTX): Can Its 13.5% Jump Turn into More Strength?
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Mirati shares ended the last trading session 13.5% higher at $44.37. 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 19.2% loss over the past four weeks.
The rise in stock price is attributed to the M&A transactions that have started gaining momentum in the biotech sector. Earlier this week, Pfizer signed a deal to acquire Seagen for $43 billion while Sanofi made a similar offer to Provention Bio for $2.9 billion. Mirati has long been eyed as an acquisition target.
This biopharmaceutical company is expected to post quarterly loss of $3.58 per share in its upcoming report, which represents a year-over-year change of -5.3%. Revenues are expected to be $5.08 million, up 615.5% 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 Mirati, the consensus EPS estimate for the quarter has been revised marginally 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 MRTX going forward to see if this recent jump can turn into more strength down the road.
Mirati is part of the Zacks Medical - Biomedical and Genetics industry. Tango Therapeutics, Inc. (TNGX - Free Report) , another stock in the same industry, closed the last trading session 3% higher at $4.42. TNGX has returned -30.7% in the past month.
Tango Therapeutics, Inc.'s consensus EPS estimate for the upcoming report has changed +1.3% over the past month to -$0.37. Compared to the company's year-ago EPS, this represents a change of -48%. Tango Therapeutics, Inc. currently boasts a Zacks Rank of #4 (Sell).
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Strength Seen in Mirati (MRTX): Can Its 13.5% Jump Turn into More Strength?
Mirati shares ended the last trading session 13.5% higher at $44.37. 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 19.2% loss over the past four weeks.
The rise in stock price is attributed to the M&A transactions that have started gaining momentum in the biotech sector. Earlier this week, Pfizer signed a deal to acquire Seagen for $43 billion while Sanofi made a similar offer to Provention Bio for $2.9 billion. Mirati has long been eyed as an acquisition target.
This biopharmaceutical company is expected to post quarterly loss of $3.58 per share in its upcoming report, which represents a year-over-year change of -5.3%. Revenues are expected to be $5.08 million, up 615.5% 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 Mirati, the consensus EPS estimate for the quarter has been revised marginally 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 MRTX 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 >>>>
Mirati is part of the Zacks Medical - Biomedical and Genetics industry. Tango Therapeutics, Inc. (TNGX - Free Report) , another stock in the same industry, closed the last trading session 3% higher at $4.42. TNGX has returned -30.7% in the past month.
Tango Therapeutics, Inc.'s consensus EPS estimate for the upcoming report has changed +1.3% over the past month to -$0.37. Compared to the company's year-ago EPS, this represents a change of -48%. Tango Therapeutics, Inc. currently boasts a Zacks Rank of #4 (Sell).