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Quanterix Corporation (QTRX) Soars 33.7%: Is Further Upside Left in the Stock?

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Quanterix Corporation (QTRX - Free Report) shares soared 33.7% in the last trading session to close at $16.40. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.8% gain over the past four weeks.

The FDA approval for the company's pipeline candidate, tofersen, as a treatment for superoxide dismutase 1 amyotrophic lateral sclerosis last week is likely driving the uptrend.

This company is expected to post quarterly loss of $0.36 per share in its upcoming report, which represents a year-over-year change of +26.5%. Revenues are expected to be $25.46 million, down 13.8% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Quanterix Corporation, 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 QTRX 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 >>>>

Quanterix Corporation is part of the Zacks Medical - Products industry. Quipt Home Medical Corp. (QIPT - Free Report) , another stock in the same industry, closed the last trading session 5% higher at $6.33. QIPT has returned -13.6% in the past month.

For Quipt Home Medical Corp., the consensus EPS estimate for the upcoming report has changed +10% over the past month to $0.07. This represents a change of -50% from what the company reported a year ago. Quipt Home Medical Corp. currently has a Zacks Rank of #4 (Sell).

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