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NovoCure (NVCR) Soars 5.3%: Is Further Upside Left in the Stock?
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NovoCure (NVCR - Free Report) shares soared 5.3% in the last trading session to close at $18. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.9% loss over the past four weeks.
The sudden rise in the stock price can be attributed to the growing investors optimism related to the company’s efforts in the development and commercialization of Tumor Treating Fields (TTFields) devices, including Optune Gio and Optune Lua, which are approved for the treatment of solid tumor cancers.
This oncology drug developer is expected to post quarterly loss of $0.40 per share in its upcoming report, which represents a year-over-year change of -29%. Revenues are expected to be $152.48 million, up 1.4% 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 NovoCure, 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 NVCR going forward to see if this recent jump can turn into more strength down the road.
NovoCure is part of the Zacks Medical - Biomedical and Genetics industry. Kymera Therapeutics, Inc. (KYMR - Free Report) , another stock in the same industry, closed the last trading session 3.5% lower at $44.12. KYMR has returned 51.1% in the past month.
For Kymera Therapeutics, the consensus EPS estimate for the upcoming report has changed +5.8% over the past month to -$0.84. This represents a change of -44.8% from what the company reported a year ago. Kymera Therapeutics currently has a Zacks Rank of #3 (Hold).
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NovoCure (NVCR) Soars 5.3%: Is Further Upside Left in the Stock?
NovoCure (NVCR - Free Report) shares soared 5.3% in the last trading session to close at $18. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.9% loss over the past four weeks.
The sudden rise in the stock price can be attributed to the growing investors optimism related to the company’s efforts in the development and commercialization of Tumor Treating Fields (TTFields) devices, including Optune Gio and Optune Lua, which are approved for the treatment of solid tumor cancers.
This oncology drug developer is expected to post quarterly loss of $0.40 per share in its upcoming report, which represents a year-over-year change of -29%. Revenues are expected to be $152.48 million, up 1.4% 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 NovoCure, 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 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 is part of the Zacks Medical - Biomedical and Genetics industry. Kymera Therapeutics, Inc. (KYMR - Free Report) , another stock in the same industry, closed the last trading session 3.5% lower at $44.12. KYMR has returned 51.1% in the past month.
For Kymera Therapeutics, the consensus EPS estimate for the upcoming report has changed +5.8% over the past month to -$0.84. This represents a change of -44.8% from what the company reported a year ago. Kymera Therapeutics currently has a Zacks Rank of #3 (Hold).