iRhythm Technologies (IRTC) Moves 7.4% Higher: Will This Strength Last?
iRhythm Technologies IRTC shares ended the last trading session 7.4% higher at $91.25. 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 19.2% loss over the past four weeks.
iRhythm scored a strong price increase, on investors’ optimism driven by the company’s latest participation at the Baird’s 2023 Global Healthcare Conference on Sep 12, 2023. The company also recently launched its next generation Zio monitor in United States and an enhanced Zio long-term continuous monitoring (LTCM) service. The new smallest, lightest and thinnest cardiac monitor intensifies the cardiac monitoring experience for patients and healthcare providers together with new service enhancements. This might have boosted the investors’ confidence in the stock.
This company is expected to post quarterly loss of $0.63 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $123.42 million, up 18.8% 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 iRhythm Technologies, 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 IRTC 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 >>>>
iRhythm Technologies belongs to the Zacks Medical Info Systems industry. Another stock from the same industry, 10x Genomics TXG, closed the last trading session 1.1% higher at $41.29. Over the past month, TXG has returned -17.3%.
For 10x Genomics , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.44. This represents a change of -18.9% from what the company reported a year ago. 10x Genomics currently has a Zacks Rank of #3 (Hold).
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