BridgeBio Pharma (BBIO) Moves 75.9% Higher: Will This Strength Last?
BridgeBio Pharma BBIO shares soared 75.9% in the last trading session to close at $32.04. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 21.4% gain over the past four weeks.
BridgeBio soars as its late-stage study of acoramidis in patients with transthyretin amyloid cardiomyopathy (ATTR-CM) meets its primary endpoint with high statistical significance. The primary endpoint of the study was determined through a hierarchical analysis. After 30 months, the study showed an 81% survival rate among patients receiving acoramidis, compared to a 74% survival rate among those on placebo.
This rare disease drug developer is expected to post quarterly loss of $0.86 per share in its upcoming report, which represents a year-over-year change of -6.2%. Revenues are expected to be $4.71 million, down 93.6% 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 BridgeBio Pharma, the consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BBIO 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 >>>>
BridgeBio Pharma belongs to the Zacks Medical - Generic Drugs industry. Another stock from the same industry, Amphastar Pharmaceuticals AMPH, closed the last trading session 1.5% higher at $56.69. Over the past month, AMPH has returned 1.5%.
Amphastar's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.57. Compared to the company's year-ago EPS, this represents a change of +46.2%. Amphastar currently boasts a Zacks Rank of #1 (Strong Buy).
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