Calliditas Therapeutics AB Sponsored ADR (CALT) Moves 12.8% Higher: Will This Strength Last?
Calliditas Therapeutics AB Sponsored ADR CALT shares soared 12.8% in the last trading session to close at $17.84. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.6% loss over the past four weeks.
The rise in share price is attributed to positive investor expectations for Calliditas Therapeutics’ sole marketed drug Tarpeyo which was granted accelerated approved by the FDA in 2021 for reducing proteinuria in adults with primary IgA nephropathy, a rare kidney disease. Last month, the company filed a supplemental NDA seeking full approval in the indication. For the full year 2023, management expects net sales from the drug to be between $120-$150 million.
This company is expected to post quarterly loss of $0.25 per share in its upcoming report, which represents a year-over-year change of +66.2%. Revenues are expected to be $28.34 million, up 334.7% 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 Calliditas Therapeutics AB Sponsored ADR, the consensus EPS estimate for the quarter has been revised 27.5% 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 CALT 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 >>>>
Calliditas Therapeutics AB Sponsored ADR is part of the Zacks Medical - Drugs industry. Aclaris Therapeutics ACRS, another stock in the same industry, closed the last trading session 1.9% higher at $10.67. ACRS has returned 10.2% in the past month.
For Aclaris , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.45. This represents a change of -45.2% from what the company reported a year ago. Aclaris currently has a Zacks Rank of #3 (Hold).
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