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Pacific Biosciences of California, Inc. (PACB) - free report >>
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CVRx (CVRX) Moves 24.2% Higher: Will This Strength Last?
CVRx (CVRX - Free Report) shares rallied 24.2% in the last trading session to close at $31.04. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 24% gain over the past four weeks.
CVRx scored a strong price increase, on investors’ optimism following the company’s announcement of receiving FDA approval for the expanded labeling of the Barostim implantable device. The revised Instructions For Use (IFU) for Barostim now incorporates key long-term clinical data from the BeAT-HF randomized clinical trial.
This medical device company is expected to post quarterly loss of $0.55 per share in its upcoming report, which represents a year-over-year change of -7.8%. Revenues are expected to be $10.84 million, up 50.9% 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 CVRx, 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 CVRX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
CVRx belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, Pacific Biosciences of California (PACB - Free Report) , closed the last trading session 2.1% higher at $10.28. Over the past month, PACB has returned 19.3%.
Pacific Biosciences' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.31. Compared to the company's year-ago EPS, this represents a change of +11.4%. Pacific Biosciences currently boasts a Zacks Rank of #3 (Hold).