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Alvotech (ALVO) Surges 8.6%: Is This an Indication of Further Gains?
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Alvotech (ALVO - Free Report) shares rallied 8.6% in the last trading session to close at $8.7. 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 3.7% loss over the past four weeks.
Alvotech extended its rally for a second day, fueled by optimism after the EMA’s CHMP backed its regulatory filings for biosimilar versions of Amgen’s Prolia/Xgeva and J&J’s Simponi.
This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -57.9%. Revenues are expected to be $114.27 million, up 11% 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 Alvotech, 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 ALVO going forward to see if this recent jump can turn into more strength down the road.
Alvotech is part of the Zacks Medical - Biomedical and Genetics industry. Cytek Biosciences, Inc. (CTKB - Free Report) , another stock in the same industry, closed the last trading session 3.9% lower at $3.71. CTKB has returned -6.1% in the past month.
For Cytek Biosciences, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.01. This represents no change from what the company reported a year ago. Cytek Biosciences currently has a Zacks Rank of #3 (Hold).
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Alvotech (ALVO) Surges 8.6%: Is This an Indication of Further Gains?
Alvotech (ALVO - Free Report) shares rallied 8.6% in the last trading session to close at $8.7. 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 3.7% loss over the past four weeks.
Alvotech extended its rally for a second day, fueled by optimism after the EMA’s CHMP backed its regulatory filings for biosimilar versions of Amgen’s Prolia/Xgeva and J&J’s Simponi.
This company is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -57.9%. Revenues are expected to be $114.27 million, up 11% 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 Alvotech, 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 ALVO 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 >>>>
Alvotech is part of the Zacks Medical - Biomedical and Genetics industry. Cytek Biosciences, Inc. (CTKB - Free Report) , another stock in the same industry, closed the last trading session 3.9% lower at $3.71. CTKB has returned -6.1% in the past month.
For Cytek Biosciences, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.01. This represents no change from what the company reported a year ago. Cytek Biosciences currently has a Zacks Rank of #3 (Hold).