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NovoCure (NVCR) Soars 12.0%: Is Further Upside Left in the Stock?
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NovoCure (NVCR - Free Report) shares ended the last trading session 12% higher at $14.64. 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 19.8% loss over the past four weeks.
Novocure scored a strong price increase, on investors’ optimism driven by the company’s recent announcement that the phase 3 METIS clinical trial has met its primary endpoint, demonstrating a statistically significant extension in time to intracranial progression for patients with brain metastases from non-small cell lung cancer. The company intends to submit the trial data to regulatory authorities, publish the findings in a peer-reviewed scientific journal and also share them at an upcoming scientific congress.
This oncology drug developer is expected to post quarterly loss of $0.42 per share in its upcoming report, which represents a year-over-year change of +16%. Revenues are expected to be $131.46 million, up 7.6% 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 NovoCure, the consensus EPS estimate for the quarter has been revised 2.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NVCR going forward to see if this recent jump can turn into more strength down the road.
NovoCure belongs to the Zacks Medical Services industry. Another stock from the same industry, Life Time Group Holdings, Inc. (LTH - Free Report) , closed the last trading session 4.7% higher at $15.41. Over the past month, LTH has returned 18.5%.
For Life Time Group Holdings, the consensus EPS estimate for the upcoming report has changed +23.7% over the past month to $0.15. This represents a change of +50% from what the company reported a year ago. Life Time Group Holdings currently has a Zacks Rank of #3 (Hold).
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NovoCure (NVCR) Soars 12.0%: Is Further Upside Left in the Stock?
NovoCure (NVCR - Free Report) shares ended the last trading session 12% higher at $14.64. 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 19.8% loss over the past four weeks.
Novocure scored a strong price increase, on investors’ optimism driven by the company’s recent announcement that the phase 3 METIS clinical trial has met its primary endpoint, demonstrating a statistically significant extension in time to intracranial progression for patients with brain metastases from non-small cell lung cancer. The company intends to submit the trial data to regulatory authorities, publish the findings in a peer-reviewed scientific journal and also share them at an upcoming scientific congress.
This oncology drug developer is expected to post quarterly loss of $0.42 per share in its upcoming report, which represents a year-over-year change of +16%. Revenues are expected to be $131.46 million, up 7.6% 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 NovoCure, the consensus EPS estimate for the quarter has been revised 2.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NVCR 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 >>>>
NovoCure belongs to the Zacks Medical Services industry. Another stock from the same industry, Life Time Group Holdings, Inc. (LTH - Free Report) , closed the last trading session 4.7% higher at $15.41. Over the past month, LTH has returned 18.5%.
For Life Time Group Holdings, the consensus EPS estimate for the upcoming report has changed +23.7% over the past month to $0.15. This represents a change of +50% from what the company reported a year ago. Life Time Group Holdings currently has a Zacks Rank of #3 (Hold).