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Strength Seen in Puma Biotech (PBYI): Can Its 10.0% Jump Turn into More Strength?
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Puma Biotech (PBYI - Free Report) shares soared 10% in the last trading session to close at $6.36. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.9% gain over the past four weeks.
The stock rallied as optimism about the drug/biotech sector’s growth in 2024 rose.
This biopharmaceutical company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of +408.3%. Revenues are expected to be $72.81 million, up 10.8% 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 Puma Biotech, 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 PBYI going forward to see if this recent jump can turn into more strength down the road.
Puma Biotech belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Rhythm Pharmaceuticals, Inc. (RYTM - Free Report) , closed the last trading session 2.5% higher at $52.44. Over the past month, RYTM has returned 25.8%.
Rhythm Pharmaceuticals, Inc.'s consensus EPS estimate for the upcoming report has changed +0.4% over the past month to -$0.70. Compared to the company's year-ago EPS, this represents a change of +6.7%. Rhythm Pharmaceuticals, Inc. currently boasts a Zacks Rank of #4 (Sell).
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Strength Seen in Puma Biotech (PBYI): Can Its 10.0% Jump Turn into More Strength?
Puma Biotech (PBYI - Free Report) shares soared 10% in the last trading session to close at $6.36. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.9% gain over the past four weeks.
The stock rallied as optimism about the drug/biotech sector’s growth in 2024 rose.
This biopharmaceutical company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of +408.3%. Revenues are expected to be $72.81 million, up 10.8% 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 Puma Biotech, 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 PBYI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Puma Biotech belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Rhythm Pharmaceuticals, Inc. (RYTM - Free Report) , closed the last trading session 2.5% higher at $52.44. Over the past month, RYTM has returned 25.8%.
Rhythm Pharmaceuticals, Inc.'s consensus EPS estimate for the upcoming report has changed +0.4% over the past month to -$0.70. Compared to the company's year-ago EPS, this represents a change of +6.7%. Rhythm Pharmaceuticals, Inc. currently boasts a Zacks Rank of #4 (Sell).