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Morphic Holding, Inc. (MORF) Moves 7.3% Higher: Will This Strength Last?

Morphic Holding, Inc. (MORF) shares rallied 7.3% in the last trading session to close at $28.77. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.4% loss over the past four weeks.

Last month, the company reported robust financial results for the second quarter of 2022. This might have been driving the share price rally.

This company is expected to post quarterly loss of $0.80 per share in its upcoming report, which represents a year-over-year change of -15.9%. Revenues are expected to be $3.83 million, up 22.9% 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 Morphic Holding, Inc., the consensus EPS estimate for the quarter has been revised 3% 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 MORF going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Morphic Holding, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. Sorrento Therapeutics (SRNE), another stock in the same industry, closed the last trading session 9% higher at $1.69. SRNE has returned -20.1% in the past month.

For Sorrento Therapeutics , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.21. This represents a change of +47.5% from what the company reported a year ago. Sorrento Therapeutics currently has a Zacks Rank of #4 (Sell).

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