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Strength Seen in Inotiv, Inc. (NOTV): Can Its 34.5% Jump Turn into More Strength?
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Inotiv, Inc. (NOTV - Free Report) shares soared 34.5% in the last trading session to close at $6.82. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.3% gain over the past four weeks.
Shares of the company soar as Wells Fargo gives buy rating to Inotiv, with a price target of $9 per share. Inotiv is a contract research organisation, that provides nonclinical and anlytical drug discovery, and developmental services.
This company is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of +273.3%. Revenues are expected to be $147.77 million, down 14.4% 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 Inotiv, Inc., 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 NOTV going forward to see if this recent jump can turn into more strength down the road.
Inotiv, Inc. belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Organogenesis (ORGO - Free Report) , closed the last trading session 2.7% lower at $4.31. Over the past month, ORGO has returned 21.4%.
Organogenesis' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.02. Compared to the company's year-ago EPS, this represents a change of -77.8%. Organogenesis currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Inotiv, Inc. (NOTV): Can Its 34.5% Jump Turn into More Strength?
Inotiv, Inc. (NOTV - Free Report) shares soared 34.5% in the last trading session to close at $6.82. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.3% gain over the past four weeks.
Shares of the company soar as Wells Fargo gives buy rating to Inotiv, with a price target of $9 per share. Inotiv is a contract research organisation, that provides nonclinical and anlytical drug discovery, and developmental services.
This company is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of +273.3%. Revenues are expected to be $147.77 million, down 14.4% 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 Inotiv, Inc., 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 NOTV 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 >>>>
Inotiv, Inc. belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Organogenesis (ORGO - Free Report) , closed the last trading session 2.7% lower at $4.31. Over the past month, ORGO has returned 21.4%.
Organogenesis' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.02. Compared to the company's year-ago EPS, this represents a change of -77.8%. Organogenesis currently boasts a Zacks Rank of #3 (Hold).