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Biogen (BIIB) Moves 7.0% Higher: Will This Strength Last?
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Biogen Inc. (BIIB - Free Report) shares rallied 7% in the last trading session to close at $216.03. 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 2.8% gain over the past four weeks.
Biogen stock hit its 52-week high on Friday, driven by recent positive developments. These include the proposed $1 billion acquisition of RayThera, which will expand its immunology pipeline and the FDA’s breakthrough therapy designation to pipeline candidate salanersen for treating spinal muscular atrophy (SMA).
This company is expected to post quarterly earnings of $3.38 per share in its upcoming report, which represents a year-over-year change of -38.2%. Revenues are expected to be $2.41 billion, down 8.8% 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 Biogen, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BIIB going forward to see if this recent jump can turn into more strength down the road.
Biogen is part of the Zacks Medical - Biomedical and Genetics industry. Tarsus Pharmaceuticals, Inc. (TARS - Free Report) , another stock in the same industry, closed the last trading session 2.2% lower at $62.92. TARS has returned 8.1% in the past month.
Tarsus Pharmaceuticals' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.22. Compared to the company's year-ago EPS, this represents a change of +54.2%. Tarsus Pharmaceuticals currently boasts a Zacks Rank of #3 (Hold).
View the Zacks #1 Rank List
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Biogen (BIIB) Moves 7.0% Higher: Will This Strength Last?
Biogen Inc. (BIIB - Free Report) shares rallied 7% in the last trading session to close at $216.03. 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 2.8% gain over the past four weeks.
Biogen stock hit its 52-week high on Friday, driven by recent positive developments. These include the proposed $1 billion acquisition of RayThera, which will expand its immunology pipeline and the FDA’s breakthrough therapy designation to pipeline candidate salanersen for treating spinal muscular atrophy (SMA).
This company is expected to post quarterly earnings of $3.38 per share in its upcoming report, which represents a year-over-year change of -38.2%. Revenues are expected to be $2.41 billion, down 8.8% 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 Biogen, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BIIB 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 >>>>
Biogen is part of the Zacks Medical - Biomedical and Genetics industry. Tarsus Pharmaceuticals, Inc. (TARS - Free Report) , another stock in the same industry, closed the last trading session 2.2% lower at $62.92. TARS has returned 8.1% in the past month.
Tarsus Pharmaceuticals' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.22. Compared to the company's year-ago EPS, this represents a change of +54.2%. Tarsus Pharmaceuticals currently boasts a Zacks Rank of #3 (Hold).