Ikena Oncology, Inc. (IKNA) Stock Jumps 7.9%: Will It Continue to Soar?
Ikena Oncology, Inc. IKNA shares ended the last trading session 7.9% higher at $6.28. 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 61.2% gain over the past four weeks.
The rise in Ikena Oncology’s stock price is attributable to positive investor sentiments on the company's pipeline developments. The company is focused on developing RAS therapy and the Hippo signaling pathway targeting cancer indications.
This company is expected to post quarterly loss of $0.48 per share in its upcoming report, which represents a year-over-year change of -2.1%. Revenues are expected to be $4.24 million, up 25.5% 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 Ikena Oncology, Inc., 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 IKNA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Ikena Oncology, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. Avidity Biosciences, Inc. RNA, another stock in the same industry, closed the last trading session 3.1% lower at $11.20. RNA has returned -14.7% in the past month.
For Avidity Biosciences, Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.90. This represents a change of -26.8% from what the company reported a year ago. Avidity Biosciences, Inc. currently has a Zacks Rank of #3 (Hold).
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