Apellis Pharmaceuticals, Inc. (APLS) shares rallied 16.3% in the last trading session to close at $52.06. 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 1.4% gain over the past four weeks.
The stock rallied on optimism over the FDA’s acceptance of Apellis’ new drug application seeking approval for pegcetacoplan for the treatment of geographic atrophy secondary to age-related macular degeneration. The FDA granted a priority review to the NDA and a decision from the regulatory body is expected on Nov 26, 2022.
This company is expected to post quarterly loss of $1.44 per share in its upcoming report, which represents a year-over-year change of +47.1%. Revenues are expected to be $17.73 million, up 2758.9% 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 Apellis Pharmaceuticals, Inc., the consensus EPS estimate for the quarter has been revised marginally 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 APLS 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 >>>>
Apellis Pharmaceuticals, Inc. belongs to the Zacks Medical – Biomedical and Genetics industry. Another stock from the same industry, Precigen, Inc. (PGEN), closed the last trading session 2.9% higher at $1.75. Over the past month, PGEN has returned 25.9%.
Precigen, Inc.’s consensus EPS estimate for the upcoming report has changed +112.5% over the past month to -$0.13. Compared to the company’s year-ago EPS, this represents a change of -30%. Precigen, Inc. currently boasts a Zacks Rank of #3 (Hold).
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