Orchard Therapeutics PLC Sponsored ADR (ORTX) Soars 12.9%: Is Further Upside Left in the Stock?
Orchard Therapeutics PLC Sponsored ADR (ORTX) shares rallied 12.9% in the last trading session to close at $6.77. 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 22% gain over the past four weeks.
The upward movement of the stock price is attributable to the positive investor mindset regarding the FDA acceptance of Orchard's biologics license application for OTL-200 to treat pediatric patients with metachromatic leukodystrophy (MLD) under Priority Review. A decision from the regulatory body is expected on Mar 18, 2024. Potential approval in the MLD indication could boost the company significantly, generating revenues to meet operational goals.
This company is expected to post quarterly loss of $1.30 per share in its upcoming report, which represents a year-over-year change of +64.9%. Revenues are expected to be $6.63 million, up 14.6% 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 Orchard Therapeutics PLC Sponsored ADR, 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 ORTX 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 >>>>
Orchard Therapeutics PLC Sponsored ADR belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, IGM Biosciences, Inc. (IGMS), closed the last trading session 0.1% higher at $7.25. Over the past month, IGMS has returned -12.6%.
For IGM Biosciences, Inc. , the consensus EPS estimate for the upcoming report has changed +2.5% over the past month to -$1.25. This represents a change of +5.3% from what the company reported a year ago. IGM Biosciences, Inc. currently has a Zacks Rank of #3 (Hold).
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