Ascendis Pharma A/S (ASND) Soars 3.2%: Is Further Upside Left in the Stock?
Ascendis Pharma A/S ASND shares soared 3.2% in the last trading session to close at $103.39. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 11.5% gain over the past four weeks.
The share price surged after the European Medicines Agency's Committee for Medicinal Products for Human Use gave a positive opinion on TransCon PTH (palopegteriparatide), the company's parathyroid hormone replacement therapy for treating patients with chronic hypoparathyroidism.
This company is expected to post quarterly loss of $2.75 per share in its upcoming report, which represents a year-over-year change of +9.8%. Revenues are expected to be $52.7 million, up 242% 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 Ascendis Pharma A/S, 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 ASND 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 >>>>
Ascendis Pharma A/S belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Clene Inc. CLNN, closed the last trading session 1.3% lower at $0.60. Over the past month, CLNN has returned -16.7%.
For Clene Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents a change of +28.6% from what the company reported a year ago. Clene Inc. currently has a Zacks Rank of #3 (Hold).
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