Neurocrine (NBIX) Soars 6.0%: Is Further Upside Left in the Stock?
Neurocrine Biosciences (NBIX) shares rallied 6% in the last trading session to close at $128.45. 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 9.2% gain over the past four weeks.
Earlier this month, the company announced that the FDA has granted Breakthrough Therapy designation to its investigational pipeline candidate, crinecerfont, for treating congenital adrenal hyperplasia. This might have driven the share price rally.
This biopharmaceutical company is expected to post quarterly earnings of $1.12 per share in its upcoming report, which represents a year-over-year change of +27.3%. Revenues are expected to be $520.11 million, up 26.2% 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 Neurocrine, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NBIX 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 >>>>
Neurocrine belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Indivior PLC (INDV), closed the last trading session 4.1% lower at $15.05. Over the past month, INDV has returned -9.3%.
For Indivior PLC , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.28. This represents a change of +3.7% from what the company reported a year ago. Indivior PLC currently has a Zacks Rank of #3 (Hold).
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