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Silk Road Medical (SILK) Stock Jumps 12.7%: Will It Continue to Soar?

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Silk Road Medical (SILK - Free Report) shares ended the last trading session 12.7% higher at $14.85. 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 17.5% gain over the past four weeks.

Silk Road Medical scored a strong price increase, on investors’ optimism driven by the company’s latest participation in the 42nd Annual J.P. Morgan Healthcare Conference on Jan 10, 2024. The company recently onboarded medtech veteran, Mr. Chas Mckhann as CEO and promises significant opportunities ahead with its growing TCAR (Transcarotid Artery Revascularization Procedure) base.

This medical device maker is expected to post quarterly loss of $0.40 per share in its upcoming report, which represents a year-over-year change of -17.7%. Revenues are expected to be $42.23 million, up 5.4% 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 Silk Road Medical, 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 SILK 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 >>>>

Silk Road Medical is a member of the Zacks Medical - Instruments industry. One other stock in the same industry, ClearPoint Neuro, Inc. (CLPT - Free Report) , finished the last trading session 1.8% lower at $7.51. CLPT has returned 15.6% over the past month.

For ClearPoint Neuro, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.22. This represents a change of -22.2% from what the company reported a year ago. ClearPoint Neuro, Inc. currently has a Zacks Rank of #3 (Hold).

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