Apellis Pharmaceuticals, Inc. (APLS) Soars 14.7%: Is Further Upside Left in the Stock?
Apellis Pharmaceuticals, Inc. (APLS) shares ended the last trading session 14.7% higher at $68.35. 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 5% loss over the past four weeks.
The sudden rise in the stock price can be attributed to the strong preliminary net product revenues reported in the United States for the fourth quarter and full year 2023. Apellis' marketed portfolio of drugs comprise Empaveli (pegcetacoplan), approved for paroxysmal nocturnal hemoglobinuria and Syfovre (pegcetacoplan injection), approved for geographic atrophy secondary to age-related macular degeneration.
This company is expected to post quarterly loss of $0.88 per share in its upcoming report, which represents a year-over-year change of +41.3%. Revenues are expected to be $121.62 million, up 436.7% 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 Apellis Pharmaceuticals, Inc., the consensus EPS estimate for the quarter has been revised 8.7% 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. is part of the Zacks Medical - Biomedical and Genetics industry. Nurix Therapeutics, Inc. (NRIX), another stock in the same industry, closed the last trading session 0.9% higher at $9.96. NRIX has returned 14.8% in the past month.
For Nurix Therapeutics, Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.51. This represents a change of +41.4% from what the company reported a year ago. Nurix Therapeutics, Inc. currently has a Zacks Rank of #2 (Buy).
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