Allogene Therapeutics
ALLO
shares ended the last trading session 8.4% higher at $9.76. 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 6% loss over the past four weeks.
The rise in share prices is attributable to positive investor expectations on the company’s progress with its pipeline development of genetically engineered allogeneic CAR T (AlloCAR T) therapies for the treatment of cancer. In fact, earlier this month, Allogene’s first AlloCAR T solid tumor clinical candidate, ALLO-316, was granted Fast Track designation by the FDA as a potential treatment for patients with advanced or metastatic clear cell renal cell carcinoma.
This immuno-oncology company is expected to post quarterly loss of $0.59 per share in its upcoming report, which represents a year-over-year change of -136%. Revenues are expected to be $0.1 million, down 99.7% 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 Allogene Therapeutics, the consensus EPS estimate for the quarter has been revised 6.9% 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 ALLO 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 >>>>
Allogene Therapeutics is a member of the Zacks Medical – Biomedical and Genetics industry. One other stock in the same industry,
Qiagen
QGEN
, finished the last trading session 2.3% higher at $49.94. QGEN has returned -0.8% over the past month.
Qiagen’s consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.72. Compared to the company’s year-ago EPS, this represents a change of +9.1%. Qiagen currently boasts a Zacks Rank of #3 (Hold).
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