CytomX Therapeutics (CTMX) Surges 214.7%: Is This an Indication of Further Gains?
CytomX Therapeutics (CTMX) shares soared 214.7% in the last trading session to close at $5.13. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 23.8% loss over the past four weeks.
Last month, the company announced the dosing of the first patient in a phase I dose-escalation study evaluating its pipeline candidate, CX-2051, in patients with advanced solid tumors. This might have driven the share price rally.
This biopharmaceutical company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of +20%. Revenues are expected to be $21.92 million, down 6.7% 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 CytomX Therapeutics, the consensus EPS estimate for the quarter has been revised 89.1% 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 CTMX 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 >>>>
CytomX Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Absci Corporation (ABSI), another stock in the same industry, closed the last trading session 9.5% higher at $5.19. ABSI has returned -7.8% in the past month.
Absci Corporation's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.19. Compared to the company's year-ago EPS, this represents a change of +26.9%. Absci Corporation currently boasts a Zacks Rank of #3 (Hold).
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CytomX Therapeutics, Inc. (CTMX) : Free Stock Analysis Report
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