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Amryt Pharma PLC Sponsored ADR (AMYT) Surges 5.5%: Is This an Indication of Further Gains?

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Amryt Pharma PLC Sponsored ADR (AMYT) shares soared 5.5% in the last trading session to close at $10.55. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.8% gain over the past four weeks.

Last week, the company announced positive long-term safety and efficacy data from the phase III MPOWERED non-inferiority study which compared Mycapssa (oral octreotide) to long-acting iSRLs for maintenance of biochemical response in patients with acromegaly. The study data confirmed the role for Mycapssa in the management of acromegaly patients who have responded to and tolerated treatment with octreotide or lanreotide. This might have driven the share price rally.

This company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of +53.6%. Revenues are expected to be $57.25 million, up 34.6% 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 Amryt Pharma PLC Sponsored ADR, 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 AMYT 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 >>>>

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