Ocular Therapeutix (OCUL) Surges 12.9%: Is This an Indication of Further Gains?
Ocular Therapeutix (OCUL) shares ended the last trading session 12.9% higher at $5.68. 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 14.1% gain over the past four weeks.
Last month, the company announced that the FDA has agreed to a Special Protocol Assessment agreement modification for its pivotal phase III SOL study evaluating Axpaxli for the treatment of wet age-related macular degeneration (wet AMD). This might have driven the share price rally.
This biotechnology company is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of -37.5%. Revenues are expected to be $15.79 million, up 12.1% 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 Ocular Therapeutix, 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 OCUL 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 >>>>
Ocular Therapeutix belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Heron Therapeutics (HRTX), closed the last trading session 3.4% higher at $2.43. Over the past month, HRTX has returned 9.1%.
Heron Therapeutics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.15. Compared to the company's year-ago EPS, this represents a change of +11.8%. Heron Therapeutics currently boasts a Zacks Rank of #2 (Buy).
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Ocular Therapeutix, Inc. (OCUL) : Free Stock Analysis Report
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