Agios Pharmaceuticals (AGIO) Soars 5.2%: Is Further Upside Left in the Stock?
Agios Pharmaceuticals AGIO shares rallied 5.2% in the last trading session to close at $24.02. 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 1.3% gain over the past four weeks.
Share price rose after management reported encouraging results from a late-stage study, evaluating orally-administered mitapivat in non-transfusion-dependent (NTD) thalassemia patients. Patients treated with mitapivat achieved demonstrated a statistically significant increase in hemoglobin response, the primary endpoint of the study. The study also achieved statistically significant improvements on key secondary endpoints.
This biopharmaceutical company is expected to post quarterly loss of $1.64 per share in its upcoming report, which represents a year-over-year change of -344.8%. Revenues are expected to be $8.02 million, up 86% 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 Agios Pharmaceuticals, 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 AGIO 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 >>>>
Agios Pharmaceuticals is part of the Zacks Medical - Products industry. Haemonetics HAE, another stock in the same industry, closed the last trading session 4% lower at $81.71. HAE has returned 3.7% in the past month.
For Haemonetics , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.97. This represents a change of +14.1% from what the company reported a year ago. Haemonetics currently has a Zacks Rank of #2 (Buy).
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